The key distinction between technological efficiency and economic efficiency is that technological efficiency and economic efficiency a. uses the newest available methods of production; uses the cheapest method of production b. concerns the quantity of inputs used in production for a given level of output; concerns the value of the inputs used c. occurs in larger firms that invest in research and development; occurs in firms that have a smaller scale of production d. occurs when the firm produces a given output at the least cost; occurs when the firm produces a given output by using the least amount of inputs.

The correct answer is option B.

Explanation:

The main difference between technological efficiency and economic efficiency is that technological efficiency is concerned with the quantity of outputs used while economic efficiency is concerned with the value of inputs used.

Technological efficiency implies that a firm is producing a level of input using the least possible quantity of inputs. Economic efficiency occurs when a firm is able to produce a level of output at the least possible cost.

Technological efficiency does not require economic efficiency but economic efficiency require technological efficiency.

answer; i believe that the correct answer is (d); the business benefits because owners can share responsibilities;