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A production possibilities frontier A. shows the market for a good or service. O

ID: 1126914 • Letter: A

Question

A production possibilities frontier A. shows the market for a good or service. O B. shows the act of buying and selling O C. shows how participants in the market are linked. D. shows how unlimited wants exceed the limited resources available to fulfill those wants. 0 E. shows the maximum attainable combinations of two goods that may be produced with available resources. We can show economic efficiency: A. with points inside and on the production possibilities frontier B. with points on the production possibilities frontier O C. with points inside the production possibilities frontier 0 D. with points outside the production possibilities frontier OE. with points on and outside the production possibilities frontier We can show economic inefficiency 0 A, with points inside the production possibilities frontier O B. with points inside and on the production possibilities frontier C. with points on and outside the production possibilities frontier D. with points outside the production possibilities frontier OE. with points on the production possibilities frontier

Explanation / Answer

1) A production possibilities frontier shows

Solution: the maximum attainable combinations of two goods that may be produced with available resources

Explanation: Production Possibilities Frontier (PPF) demonstrates the maximum combinations of goods and services an economy can efficiently produce with the use of available technology and resources within a given time frame.

2) We can show economic efficiency

Solution: with points on the production possibility frontier

Explanation: A country would want to be on the production possibility curve to attain the maximum productive efficiency

3) We can show economic inefficiency

Solution: with points inside the production possibilities frontier

Explanation: Points inside the curve are economic inefficiency

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