19. Which of the following statements is true? a Point A is inefficient. b. Point B is inefficient. C Point A is preferred to point B d. Point C cannot be attained with current technology. 20. Suppose there is a Production Possibilities Frontier (PPF) for garlic and cheese. Which of the following situations would shift the PPF inward (toward the origin)? @ A severe weather event that destroys much of the economy's productive capacity for garlic and cheese. b. Discovery of a new, cheaper source of milk for making cheese. C Increased popularity of garlic, as compared with cheese. d. A technological breakthrough. 21. Marginal cost is the change is cost that results from a one unit increase in OPrice b. Cost C Output d. Revenue
19. Which of the following statements is true? a Point A is inefficient. b. Point B is inefficient. C Point A is preferred to point B d. Point C cannot be attained with current technology. 20. Suppose there is a Production Possibilities Frontier (PPF) for garlic and cheese. Which of the following situations would shift the PPF inward (toward the origin)? @ A severe weather event that destroys much of the economy's productive capacity for garlic and cheese. b. Discovery of a new, cheaper source of milk for making cheese. C Increased popularity of garlic, as compared with cheese. d. A technological breakthrough. 21. Marginal cost is the change is cost that results from a one unit increase in OPrice b. Cost C Output d. Revenue
Chapter2: Economic Tools And Economic Systems
Section: Chapter Questions
Problem 3.5P
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Transcribed Image Text:19. Which of the following statements is true?
a Point A is inefficient.
b. Point B is inefficient.
C Point A is preferred to point B
d. Point C cannot be attained with current technology.
20. Suppose there is a Production Possibilities Frontier (PPF) for garlic and cheese. Which of
the following situations would shift the PPF inward (toward the origin)?
@ A severe weather event that destroys much of the economy's productive capacity
for garlic and cheese.
b. Discovery of a new, cheaper source of milk for making cheese.
C Increased popularity of garlic, as compared with cheese.
d. A technological breakthrough.
21. Marginal cost is the change is cost that results from a one unit increase in
OPrice
b. Cost
C Output
d. Revenue
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