
-The above figure shows a nation's production function. Point A is
A) unattainable given the state of the economy.
B) attainable if the nation uses resources efficiently.
C) the maximum amount of real GDP the nation can produce.
D) the labour market equilibrium quantity of employment and real GDP.
E) attainable if the economy is inefficient.
Correct Answer:
Verified
Q27: Q28: Q29: The idea of "diminishing returns" means that Q30: When all other influences on work plans Q31: Suppose that Australia has fully employed all Q33: The supply of labour is defined as Q34: When the labour market is in equilibrium, Q35: The effect of an increase in population Q36: The factors of production that produce real Q37: The production function displays![]()
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A)
A) increasing returns.
B) diminishing
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