Efficiency refers to
a. producing output using the least amount of labor
b. producing output using the least amount of capital
c. producing as far inside the production possibilities frontier as possible
d. producing only one out of many possible commodities
e. getting the maximum possible output from available resources
Question 2
Which of the following is most appropriately measured along one axis of the production possibilities frontier diagram?
a. the quantity of a produced good
b. the price of a produced good
c. the quantity of natural resources
d. the state of technology
e. society's welfare and satisfaction
An analogy for how cardiac output, resistance, and blood pressure are related.
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