Efficiency is defined as A) the maximum consumption of goods. ...

[RODY.ELKHALIL]

Efficiency is defined as
 
  A) the maximum consumption of goods.
  B) the production of goods and services.
  C) production of output at minimum cost.
  D) arriving at one's destination quickly.

Question 2

Refer to the above figure. A price control has been set which has led to a shortage. This means that a
 
  A) price ceiling has been set at P1.
  B) price floor has been set at P1.
  C) price ceiling has been set at P2.
  D) price floor has been set at P2.

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Answer to Question 1

C

Answer to Question 2

C