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An economy's production possibilities frontier is fixed in the long run.
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- A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasibleA production possibilities curve can shift inward if there is a. an increase in productivity b. an increase in unemployment c. an increase in the price of raw materials d. a misallocation of resources e. a natural disasterProduction inefficiency occurs when production ____. is at any attainable point is at a point on the production possibilities frontier is at a point beyond the production possibilities frontier is at a point inside the production possibilities frontier
- When the quantity of resources for production increases, the production possibility curve Select One: a) Becomes short b) Becomes straight c) Remains same d) Expands away origin e) Contracts to words originthree factor that might cause the production possibilities curve to shift to the right or outwardWhy does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.
- The quantities shown are taken from a production possibilities frontier for an economy with diminishing returns. The blank in the table could be which value? Bags Courses 40 300 60 ? 80 100The technically efficient combination of two products a busniness can produce in the current period given its existing resources and technology is: (a) The production possibilities frontier (b) The marginal rate of production transformation (c) The least cost combination of two products (d) The marginal physical productUnder what circumstances in the Philippines can we operate outside the production possibilities curve? Explain your answer.
- A curve that shows the maximum amount of any two products that can be produced in an economy from a fixed resource and a fixed technology< A, Production Possibilities frontier B, Marginal Product curve C, Demand Curve D, Total Product CurveNo written by hand solution Refer to Table C. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of baseballs produced at quantity A in the table? 6,200. 5,900. 5,400. 4,200.Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency .