The production possibilities frontier shows that:
A) scarcity can be eliminated.
B) all output combinations are possible.
C) an economy that is operating efficiently can have more of one good without giving up some of another good.
D) some of one good must be given up to get more of another good in an economy that is operating efficiently.
Correct Answer:
Verified
Q12: The opportunity cost of watching television is:
A)
Q13: One of the assumptions underlying the production
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Q18: Marginal analysis is the effect of:
A) scarcity.
B)
Q19: The opportunity cost of watching a movie
Q20: Marginal analysis:
A) compares some benefits of a
Q21: Which of the following is not true
Q22: A production possibility graph slopes down because
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