The concept of production possibility frontier explains that a. any point within the curve is a combination of labor and capital input that fall short of putting all inputs to good use b. that capital is more that labor inputs c. any point within the curve is a combination of labor and capital input that is utilized d. that labor is more that capital inputs The concept of production possibility frontier explains that a. labor and capital combination is not enough to produce an output that have very minimal wastage b. level of output is optimal c. labor and capital combination is not enough to produce an output d. level of inputs is optimal more than zero but less than one in the concept of Income Elasticity means a. luxury goods b. substitute goods c. inferior good d. necessity goods
The concept of production possibility frontier explains that a. any point within the curve is a combination of labor and capital input that fall short of putting all inputs to good use b. that capital is more that labor inputs c. any point within the curve is a combination of labor and capital input that is utilized d. that labor is more that capital inputs The concept of production possibility frontier explains that a. labor and capital combination is not enough to produce an output that have very minimal wastage b. level of output is optimal c. labor and capital combination is not enough to produce an output d. level of inputs is optimal more than zero but less than one in the concept of Income Elasticity means a. luxury goods b. substitute goods c. inferior good d. necessity goods
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter19: Labor And Entrepreneurship: The Human Inputs
Section: Chapter Questions
Problem 14DQ
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The concept of production
possibility frontier explains that
a. any point within the curve is a
combination of labor and capital
input that fall short of putting all
inputs to good use
b. that capital is more that labor
inputs
c. any point within the curve is a
combination of labor and capital
input that is utilized
d. that labor is more that capital
inputs
The concept of production
possibility frontier explains that
a. labor and capital combination is not
enough to produce an output that
have very minimal wastage
b. level of output is optimal
c. labor and capital combination is not
enough to produce an output
d. level of inputs is optimal
more than zero but less than one
in the concept of Income Elasticity
means
a. luxury goods
b. substitute goods
c. inferior good
d. necessity goods
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