Author Question: Define the process of queuing. What will be an ideal response?[br][br][b][color=#A83E49]Question ... (Read 92 times)

clmills979 · **on:** Jun 29, 2018

Define the process of queuing.

What will be an ideal response?

Question 2

Define the utility possibilities frontier. Explain what it means when society is inside the utility possibilities frontier. Explain what it means when society is on the utility possibilities frontier.

Explain what determines the point that society arrives at on the utility possibilities frontier.

Laurenleakan · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Queuing is the process of waiting in line as a means of distributing goods and services: a non-price rationing mechanism.

Answer to Question 2

The utility possibilities frontier is a graphical representation of a two-person world that shows all points at which A's utility can be increased only if B's utility is decreased. A point inside the utility possibilities frontier is inefficient, because at that point it would be possible to make both people better off. A point on the utility possibilities frontier is efficient. The point on the utility possibilities frontier that society arrives at is determined by the individuals' initial endowments of wealth and skills.