(Figure: Pancakes and Cereal I) Which of the following statements is (are) TRUE? I. Points G, H, I, and J lie on the production contract curve.
II) Points H and J represent an inefficient input allocation.
III) At point G, allocating more labor and capital to the cereal industry will increase the output of cereal and pancakes.

Question

(Figure: Pancakes and Cereal I) Which of the following statements is (are) TRUE?  I. Points G, H, I, and J lie on the production contract curve.
II) Points H and J represent an inefficient input allocation.
III) At point G, allocating more labor and capital to the cereal industry will increase the output of cereal and pancakes.

Quizplus · Accepted Answer

The Answer of (Figure: Pancakes and Cereal I) Which of the following statements is (are) TRUE?  I. Points G, H, I, and J lie on the production contract curve.
II) Points H and J represent an inefficient input allocation.
III) At point G, allocating more labor and capital to the cereal industry will increase the output of cereal and pancakes.

(Figure: Pancakes and Cereal I) Which of the Following Statements