Production at a point inside the production possibilities frontier is unattainable and inefficient attainable and efficient attainable and inefficient unattainable and efficient

Q: Using the concept of production possibility curve, explain how it can be used to  show the…

A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: The various combination of the goods that can be produced in an economy certain when the available…

Q: Draw and explain a production possibility frontier for an economy that produces milk and cookies.…

A: Production possibility frontier: Production possibility frontier is the curve that shows the various…

Q: Q16. In a competitive market, all of the choices along the production possibility frontier display_…

A: Productive and allocative are two types of economic efficiency.

Q: Suppose in 2019 to promote food production, the Federal Government of Australia provided high…

A: The production possibility curve is used to analyze the market using supply-side factors. It…

Q: Consider a production possibilities curve. The origin and two points A and B may be connected by one…

A: Scarcity is an economic concept that relates to the reality that there is a finite number of human…

Q: point lying inside (under) a production possibilities frontier indicates that _________. A. the…

A: A production possibility frontier shows the combinations of goods which could be produced with the…

Q: Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it?…

A: Production possibility frontier: - it is the graphical representation of different combinations of…

Q: D Bread 10. Refer to Figure 1. An economy is operating at full employment, and then workers in the…

A: The PPC is the production possibility curve that illustrates the different combinations of two…

Q: Exhibit 2-3 Capital Goods (thousands of units) D B PPF2 PPF 1 Consumer Goods (thousands of units)…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: The individual production points on each person's production possibilities frontier represent their…

A: Production possibility curve is used to represent the maximum amount of output that an individual…

Q: Distinguish between Micro and Macroeconomics

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Resource development is Multiple Choice the part of economics that looks at the operation of a…

A: Resource development refers to the development of resources in an economy. Resources should be used…

Q: 20. Points on the production possibility curve are a. Unattainable and efficient b. Attainable and…

A: Production possibility curve shows different combinations of two goods that can be produced with the…

Q: Q11. Refer to Figure 1. Along the production possibilities frontier, the most efficient point of…

A: Production Possibility Frontier is a curve which shows the locus of different combinations of two…

Q: A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but…

A: PPF represents various combination of two goods that can be produced within given resources.

Q: The greatest incentive for conserving scarce resources and using them in the most productive ways…

A: Natural Resources are materials from the Earth that are consumed to help life and address…

Q: If the production possibilities frontier curve is linear and downward-sloping instead of bowed out,…

A: The production possibility frontier (PPF) is a diagramatical illustration of an economic model that…

Q: Evidence accumulates that the use of chemical fertilizers, which increases agricultural production…

A: A production possibility frontier represents the locus of all maximum combinations of two goods or…

Q: Explain three different kinds of economic systems. Explain the Law of Diminishing Returns and…

A: Question 1) An economic system refers to the set of rules and regulation or a mechanism which is…

Q: Every society faces​ trade-offs because we live in a world of scarcity. Suppose a​ student-athlete…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: The ________ production points on a production possibilities frontier are the points on and inside…

A: Production possibility frontier (PPF) refers to the curve that shows the combination of goods which…

Q: The production possibilities frontier (PPF). has a constant opportunity cost exhibits increasing…

A: Correct : reflects output assuming the full use of society's resources

Q: The most efficient point of production along the production possibilities frontier is .) Group of…

A: Below are the mentioned inefficient points: * Point "E" shows the unattainable point. * Point "G"…

Q: All points on the production possibilities frontier are equally efficient; point G O point D; point…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: production possibility curve shows the possible combination of two goods with utilization of…

A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…

Q: The quantities shown are taken from a production possibilities frontier for an economy with…

A: Answer - Need to find- The blank in the table could be which value Given in the question- The…

Q: The boundary between the combinations of goods and services that can be produced and the…

A: Economics refer to the study of allocation of scarce resources in  the most optimal way, when the…

Q: efficient production can be carried out anyway on or below the production possibilities frontier.…

A: Just as individuals cannot have everything they need and must instead make choices, society as an…

Q: How could a society manage to end up consuming a bundle of goods that is beyond its production…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: Define Production opportunities

A: It is the ability of an individual or a firm to convert its cost into an opportunity. During the…

Q: Production inefficiency occurs when production ____. is at any attainable point is at a point on…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A point outside the production possibilities curve is  attainable, but there is not full employment…

A: PPC (Production Possibility Curve) refers to the different combinations of two commodities that can…

Q: ncy takes place at every point along the production possibilities frontier.

A: The production possibility model shows the trade-offs associated with allocating resources between…

Q: Define Production Possibility Frontier. Draw a production possibilities frontier showing increasing…

A: The production possibility frontier (PPF) shows the combination of two goods and services which can…

Q: In market economies, firms rarely worry about the availability of inputs to produce their products,…

A: In market economies, buyers of inputs are aware of the fact that sellers are willing to earn…

Q: Discuss in detail the production possibility curve by linking that to the concept of…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: The boundary between the combinations of goods and services that can be produced and the…

A: Economics is a discipline that includes all the components present in the economy and has some of…

Q: An inefficient use of resources may be illustrated with a production possibility curve as

A: A PPC or production possibility frontier is a graph concave to the origin that shows the combination…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: Using an appropriate diagram, explain how the production possibility frontier becomes a model of…

A: Production Possibility Curve (PPC) or Production Possibility Frontier may be defined as a curve…

Q: Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm…

A: Opportunity cost refers to the loss incurred by giving up the next best alternative while making a…

Q: Why is it inefficient for an economy to be inside the production possibilities frontier?

A: The production possibility frontier shows the relationship between what an economy can produce…

Q: Use the concept of the production possibility frontier to explain the basic economic principles of…

A: When faced with the option of creating two commodities or services, the (PPC) is a model that…

Q: Active learning problems (APL Chapter 2) Vorksheet in class Q1. Argentina and Brazil each have…

A: Production possibility frontier (PPF) shows the combination of two goods that can be produced if all…

Q: The country of San Ignacio produces two goods: beach towels and soccer balls. Last year, it produced…

A: Production possibility frontier exhibits the best combination of two goods that can be produced by…

Q: Show what happens to the production possibilities frontier (PPF) if an epidemic reduces the…

A: Production possibilities frontier shows different combinations of two goods that can be produced…

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.