Which of the following best describes the economic feasibility of a project?

The economic feasibility of a project primarily focuses on evaluating the cost-effectiveness of the project, making this choice the correct one. Economic feasibility examines the financial aspects of a project, including costs, potential revenue generation, return on investment, and overall financial viability. This analysis helps stakeholders understand whether the financial investment in the project justifies the expected benefits and whether the project can be completed within budget constraints.

In contrast, other aspects such as technical specifications, legal compliance, and qualitative benefits are essential but relate to different types of feasibility analyses. Technical specifications pertain to whether the necessary technology and resources are available and suitable for the project. Compliance with legal and regulatory requirements ensures that the project adheres to laws and regulations, which is crucial for its approval. Qualitative benefits focus on non-monetary advantages like customer satisfaction or brand reputation, which, while important, do not directly assess the project's cost-effectiveness. Hence, the emphasis on cost-effectiveness distinctly characterizes the economic feasibility of a project.