Use the figure below to answer the following questions.
Figure 2.1.1
-Refer to the production possibilities frontier in Figure 2.1.1,which one of the following is true about point C?
A) It is attainable only if we consume more of good X.
B) It is unattainable.
C) It is attainable only if we consume less of good Y.
D) It is attainable only if we consume less of good X.
E) It is attainable only if we consume more of good Y.
Correct Answer:
Verified
Q1: Opportunity cost of an action is
A)the best
Q2: The production possibilities frontier
A)is the boundary between
Q3: A point inside a production possibilities frontier
A)indicates
Q8: Which one of the following concepts is
Q10: A tradeoff exists when
A)we move from a
Q13: A situation in which resources are either
Q14: Use the figure below to answer the
Q19: A production possibilities frontier is negatively sloped
Q19: Ted chooses to study for his economics
Q20: The concept of opportunity cost
A)cannot be explained
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