Roadsters SUVs Refer to Figure 2-1. Point A is technically efficient. unattainable with current resources. inefficient...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
8. Any point inside the productions possibilites frontier is: Group of answer choices efficient inefficient. unattainable. all of the above. 9. Which of the following could be responsible for a shift in the production possibilities frontier? Group of answer choices An increase in quantity of resources. a change in household attitudes. an increase in consumption. Only answer choices (1) and (2) are correct.
Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply.
2. Refer to figure 1. How much is the consumer surplus? Figure 2 P (in S) 10 CS- ? 10 3. Refer to figure 1. How much is the producer's surplus? 4. Refer to figure 1. Is market efficient or inefficient? Explain why?
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production Possibilities Frontier (PPF) in Figure 1 on the next page. What is true about point A? (A) It is unattainable (B) Resources are being unused or misallocated (C) Capital exceeds labour in production (D) It is preferable to point B 2. Still referring to Figure 1, what is true about point B? (A) It represents diminishing and increasing opportunity cost (B) It is a...
Supply A & Demand • 10 11 Dexto 1. Refer to Figure above. Show the consumer surplus measured by the area at the equilibrium. 2. Refer to figure above. Show the producer surplus measured by the area at the equilibrium 3. Refer to Figure above. Show the total surplus measured by the area at the equilibrium. 4. Refer to Figure above. Is the equilibrium allocation of resources efficient at the equilibrium? Why?
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
2 3 4 5 6 Compact cars (millions per year) The figure above shows the production possibilities frontier for a country. Point D represents a combination of SUVs and Compact cars that is Attainable and inefficient Point B represents a combinatino of SUVs and Compact cars that is Attainable and inefficient Point E represents a combinatino of SUVs and Compact cars that is Unattainable QUESTION 2 10 points Save Answer Skis Snowboards Tony 15 30 Paty 123 Tony and Paty...
Question 14 1 pts Refer to Figure 5-1. The efficient output level is Figure 5-1 Price D2 = Marginal social benefit D = Marginal private benefit Om an Oo Quantity Qn. Com Qo-Qm C Qo
Refer to the figure below. If this economy were currently operating at point D, then in order to make more movies: Milk (gallons per year) O the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk O the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk. no productive resources would need to switch from making milk to movies because...