May 24, 2016

Homework Help: Economics

Posted by Lily on Thursday, November 8, 2012 at 6:20pm.

If an economy produces its most wanted goods but uses outdated production methods, it is

--the answer is "it is not achieving productive efficiency. But doesn't productive efficiency mean using the "least cost method of production"? So if you use outdated production method, aren't you utilizing the least cost method ?

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