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Author Question: Point C on the production possibilities frontier in the above diagram illustrates A) a point that ... (Read 74 times)

joe

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on: Jun 29, 2018
Point C on the production possibilities frontier in the above diagram illustrates
 
  A) a point that achieves production efficiency.
  B) a combination of goods and services that cannot be produced efficiently
  C) all goods and services that are desired but cannot be produced due to scarce resources.
  D) a production point that has underutilization of resources

Question 2

Refer to the figure above. Total welfare can be increased by ________.
 
  A) increasing output above Q1
  B) reducing output below Q1
  C) lowering the market price below P1
  D) increasing the market price above P2


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iceage

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


joe

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  • Posts: 627
Reply 2 on: Jun 29, 2018
Excellent

bdobbins

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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