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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
Chapter 2, Problem 3CQQ
Textbook Problem
197 views

A point inside the production possibilities frontier is

a. efficient but not feasible.

b. feasible but not efficient.

c. both efficient and feasible.

d. neither efficient nor feasible.

To determine
Efficient and feasible points in the production possibility frontier.

Explanation of Solution

Option (b):

The point on the PPF is the efficient point. That means it represents the efficient level of production. The point inside the PPF is called as the feasible point, but not an efficient one. Thus, option “b” is correct.

Option (a):

Only the point on the PPF is called the efficient point. Thus option “a” is incorrect...

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