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Production is efficient if the economy is producing at a point
Oon the production possibilities frontier.
O outside the production possibilities frontier.
Oon or inside the production possibilities frontier.
O inside the production possibilities frontier.

Sagot :

Production is efficient when the economy is producing at a point on the production possibilities frontier. Hence, Option 1. is the correct statement.

What is the production possibilities frontier?

A production possibilities frontier, or PPF, defines the set of feasible mixtures of products and offerings a society can produce given the sources available. Choices outside the PPF are unattainable and alternatives within the PPF are inefficient.

Therefore, Production is efficient when the economy is producing at a point on the production possibilities frontier. Option 1. is the correct statement.

Learn more about production possibilities frontier here:

https://brainly.com/question/25071524

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