*Please use the answer choices below to finish the statement* “There is no such thing as a free lunch” because: There are always opportunity costs Whoever pays for lunch will always make you pay in way Someone must pay for limited resources Price is always greater than zero Scarcity does not always exist

Q: Mary enjoys spending her free time with her friends at the mall and solving problems from her…

A:

Q: After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want…

A: The marginal revenue refers to a extra revenue added by increasing the quantity with an additional…

Q: Which of the following best describes the opportunity cost of attending a free concert at the local…

A: Opportunity cost is a concept in economics that refers to the next best alternative forgone when a…

Q: Suppose Susan is currently using combination D, producing one boat per day. Her opportunity cost of…

A: The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is…

Q: FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best…

A: Here, ghr given graph shows a production possibility curve with Point A and Point D

Q: Suppose that Crystal Falls produces sports drinks and bottles of water. Below are the possible…

A: Here, production possibility combination of sports Frick and water bottles are given. Opportunity…

Q: Question 1 What does the Production Possibilities Frontier of a firm show and how does it relate to…

A: Scarcity is a basic economic concept which states that the goods and services that are used to…

Q: The main problem of economic theory is believed to be the contradiction between unlimited needs and…

A: The main problem in economic concept arises from the inherent contradiction between unlimited human…

Q: What is opportunity cost? Explain the Law of Increasing Opportunity Costs with a numerical table and…

A: The opportunity cost of a good is what you give up to get that item. The opportunity cost is the…

Q: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it…

A: Basic Economic problem of Scarcity: One of the most fundamental economic issues we experience is…

Q: Productive and allocative efficiencies are among the core concepts in economics. i. Differentiate…

A: Productive efficiency says that the economy can't produce more of one commodity without sacrificing…

Q: Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.?…

A: Almost certainly the pure competitive industries are effective as in pure competitions the useful…

Q: Which of the following is most likely to happen as an economy moves along a production possibility…

A: Option - A : Marginal costs of producing more services will rise, but allocative efficiency may…

Q: D) What can cause a movement from Point C to Point D. Briefly explain your position. E) What can…

A: Production possibility frontier is a graphical representation which shows all possible combinations…

Q: Please give detailed instructions on how to graph electronically using MS ppt, excel, google slides,…

A: Production possibility frontier shows different bundles of the two goods that can be produced using…

Q: Define marginal benefit. Show the efficient point using a marginal cost/benefit diagram

A: Marginal benefit is defined as additional benefit derived from the consumption of one more units of…

Q: The production possibilities frontier is the Select one: O A. maximum output that can be produced at…

A: The Production Possibilities Frontier (PPF), also known as the production possibility curve or the…

Q: Define the following terms with explanation with an example of each 1.Scarcity 2.Opportunity cost

A: Economics is a social science that studies human behavior and help in making economic decisions.…

Q: • Refer to fig. 2.1 in the text. 1. Identify the optimal level of production of this good. 2. In…

A: 1. Optimal level of production is determined at the point where, MB=MC Thus, the condition for the…

Q: MCQ 2 The production possibility frontier shows: A the marginal cost attached to the production of…

A: Production Possibility Frontier is the locus of different combination of two goods that an economy…

Q: Suppose a society called Atlantis faces the production possibilities curve (PPC) as given below. a)…

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

Q: Briefly discuss the basic economic concerns of scarcity, choice, and opportunity costs.

A: The study of economics is concerned with the efficient allocation of resources in the economy. By…

Q: The following graph shows the marginal benefit (MB) and marginal cost (MC) curves for baseballs in…

A: The graph shows the Marginal Benefit (MB) and Marginal Cost (MC) curves for baseballs in an economy.

Q: One of the proposals that arose in a previous year's federal budget plan was to reduce the amount of…

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

Q: A tropical storm creates a shortage of the items . how would this affect the production…

A: In an economy, the production possibility curve is used by represent the connection between total…

Q: Discuss the concept of scarcity and choice 2. Scarcity is the condition of finite resource…

A: The scarcity refers to the limited availability of resources against unlimited wants. For example,…

Q: Suppose the price of beans is increased. Which of the following statements is true? Select one: O a.…

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

Q: Marginal benefit and marginal cost (dollars per swim) A 50 MC 40 30 20 10 MB D B 2 4 5 Manatee swims…

A: In the above diagram, when the manatee swims per week is 1, the marginal benefit is $40 at point A…

Q: Deborah is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to…

A: The production possibility curve (PPC) is a diagram that shows the entirety of the various bundle of…

Q: 1. What is meant by opportunity cost? Give an example. Suppose that you need to take a class at 3PM,…

A: Opportunity cost alludes to the cost of an alternative that should be provided up to seek after a…

Q: Use the graph below to calculate Peter’s opportunity cost of an hour of tennis when he increases the…

A: Making economic choices has significance due to the fact that it involves executing judgments using…

Q: Use the equations given below and calculate total benefit, total cost, marginal benefit, and…

A: Marginal benefit: This is the amount of change in benefit when an additional unit of goods or…

Q: 10. What is an opportunity cost? Give an example from class or make up your own. Definition:…

A: Opportunity cost is the foregone benefit of the alternative preferred. It is simply the benefits…

Q: Suppose your first-preferred choice for lunch is a sandwich, your second-preferred choice for lunch…

A: The central problem of economics is the scarcity of resources. Scarcity arises because of the…

Q: Explain the focus of economics on the "allocation, distribution, and use of resources".

A: The economics is the study of the social science which would deal with the distribution, allocation…

Q: Consider your decision to study this final exam. Which of the four core principles of economics…

A: Marginal Principle is defined as the increase in the level of an activity when its marginal benefit…

Q: 40.000 C 5.000 10.000 15.000 In the above graph, if the economy is currently producing at point C…

A: The curve is the production possibilities frontier which shows different combinations of two goods…

Q: An apartment complex included a fixed price of water in the monthly rent. One day the city decided…

A: demand is a financial rule alluding to a customer's longing to buy labor and products and readiness…

Q: It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.