A production possibilities frontier illustrates the maximum amount of two different goods that can be produced if
A) low- skilled workers can be prevented from taking jobs away from high- skilled workers.
B) society is using all its resources in the most efficient manner possible.
C) the prices of both goods are held constant.
D) the prices of both goods are identical.
Correct Answer:
Verified
Q14: The production possibilities frontier is the boundary
Q15: Any production point outside the production possibilities
Q16: A point outside a production possibilities frontier
Q17: When production is efficient, .
A) we can
Q18: Which of the following is NOT true
Q20: The production possibilities frontier is
A) downward sloping
Q21: On the vertical axis, the production possibilities
Q22: Sam's production possibilities frontier has good A
Q23: A situation in which some resources are
Q37: A point inside a production possibilities frontier
A)
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