What condition is being met when goods are being produced and sold at the lowest possible average cost?

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01-08-2017
Business

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What condition is being met when goods are being produced and sold at the lowest possible average cost?

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Erudite1 Erudite1 · Answer 1 · 2017-08-08T13:27:25+02:00

Erudite1 Erudite1

08-08-2017

The condition that is being met is PRODUCTIVE EFFICIENCY. Productive efficiency refers to a situation in which production is carried out without waste. In this situation, when the average cost of production is reduce to the barest minimum, the economy will be operating on the production possibility frontier.

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What condition is being met when goods are being produced and sold at the lowest possible average cost​?

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What condition is being met when goods are being produced and sold at the lowest possible average cost?