FIGURE 2-4Production possibilities curveFoodRefer to Figure 2-4. Which of the following best describes Point A?It is efficient.It is preferable to Point D.It is inefficient.It is unattainable.Cloihing Which of the following does the production possibilities curve illustrate?the minimum quantities of output that can be produced using available resourcesthe minimum quantity of two resources necessary to produce a given level of outputwhen resources are currently being used efficiently, it is possible to increase production of one good only bysacrificing some of another goodwhen resources are currently being used inefficiently, it is possible to increase production of one good only bysacrificing some of another good

Here, ghr given graph shows a production possibility curve with Point A and Point D

FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best describes Point A? OIt is efficient. O It is preferable to Point D. It is inefficient. It is unattainable. Clohing

FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best describes Point A? OIt is efficient. O It is preferable to Point D. It is inefficient. It is unattainable. Clohing

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 5QR

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Question

FIGURE 2-4
Production possibilities curve
Food
Refer to Figure 2-4. Which of the following best describes Point A?
It is efficient.
It is preferable to Point D.
It is inefficient.
It is unattainable.
Cloihing

Which of the following does the production possibilities curve illustrate?
the minimum quantities of output that can be produced using available resources
the minimum quantity of two resources necessary to produce a given level of output
when resources are currently being used efficiently, it is possible to increase production of one good only by
sacrificing some of another good
when resources are currently being used inefficiently, it is possible to increase production of one good only by
sacrificing some of another good

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