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What is optimum combination?



This question is part of Chapter 7: Microeconomics
Asked by Twright, Last updated: Sep 17, 2018

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2 Answers

C. Marcus

C. MarcusContent Developer, Washington
Content Developer, Washington

Answered on Aug 23, 2018

The optimum combination is also called the least cost combination. It is the number of factors that is used by companies to produce a specific product at the least possible price. It is the efficiency of the company in other words.

The optimum factor allows businesses to calculate the right budget for every task keeping all their factors in view. In this manner, all of the above factors seem to be right. Microeconomics pushes businesses to develop and allows owners to avail the maximum profit; it also helps them plan ahead of time, which is beneficial for their business empire.

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John Smith

John Smith

Answered on Mar 18, 2017

D. all of the above.
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