JAMB - Economics (2020 - No. 14)
Efficiency in production means?
reducing the size of the work force
producing a given output with the lowest cost of combination of factors of production
adoption of capital intensive technology
increasing the quantity of the fixed factors of production
Erläuterung
Efficiency of production means that an entity is operating at maximum capacity, where a firm is focused more on increasing the quantity being manufactured while reducing cost.