Which of the following problems arises where there are more than one technically possible methods of production
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Correct Answer: Option C
Explanation:
The problem of how to produce refers to selection of techniques to be used for production of goods and services. By technique we mean labour or capital intensive techniques. That is knowing the input combination to be used.
The problem of how to produce refers to selection of techniques to be used for production of goods and services. By technique we mean labour or capital intensive techniques. That is knowing the input combination to be used.