Can a firm achieve technological efficiency without achieving ...

[SGallaher96]

Can a firm achieve technological efficiency without achieving economic efficiency?
 
  What will be an ideal response?

Question 2

In the figure above in the market for high-skilled labor, the equilibrium wage rate is
 
  A) 16.
  B) 8.
  C) 20.
  D) 28.

[l.stuut]

Answer to Question 1

Yes. Technological efficiency means achieving the most output possible from any given combination of inputs. There might, however, be a different combination of inputs that can produce the same quantity of output at a lower cost. Economic efficiency is attained when the lowest cost combination of inputs is chosen, and when that combination of inputs is used to produce the largest possible quantity of output.

Answer to Question 2

D

[SGallaher96]

YES! Correct, THANKS for helping me on my review

[zacnyjessica]

Thanks for the timely response, appreciate it