What is shown by the production possibility frontier model?
A) That if consumers decide to buy more of a product, its price will increase.
B) That a market economy is more efficient in producing goods and services than is a centrally planned economy.
C) That economic growth can only be achieved by free market economies.
D) That if all resources and current technology are fully and efficiently utilised, more of one good can be produced only by producing less of another good.
Correct Answer:
Verified
Q4: What are the attainable production points on
Q5: What assumption is made by the production
Q5: The principle of opportunity cost is that
A)in
Q7: What does a production possibility frontier with
Q8: Peter can produce either a combination of
Q10: How would the production possibility frontier be
Q14: If the production possibility frontier is _,
Q15: Scarcity
A)stems from the incompatibility between limited resources
Q19: In a production possibility frontier model, a
Q23: _ marginal opportunity cost implies that the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents