Question

Which of the following is related to the problem of how to produce?

पर्याय

• Distribution of income

• Choice of technique

• Choice of product

• None of these

Answer 1

Choice of technique

Explanation:

The problem of “how to produce” concerns selecting the most efficient production method that minimizes cost and efficiently uses scarce resources. This choice determines whether to use more labor or capital in production processes to maximize output at minimum cost.