Which of the following statements regarding economic and technological efficiency is most accurate?( )
For a process to have the lowest production cost (be economically efficient) it must be technologically efficient. A process is technologically efficient if there is no other process that can produce the same output with less of at least one input and no more of the other inputs. A process that uses no less of any input and more of at least one input cannot be the lowest cost process and is, by definition, not technologically efficient.