Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B C D E F 00 ☐ 00 OOO ☐ ☐ ☐ О O O O Suppose the fictional country of Olympia produces only two goods: rice and electric scooters. The following graph plots Olympia's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. ELECTRIC SCOOTERS (Millions) 20 40 100 80 60 PPF 201 40 E + 60 B × 4 F 80 100 RICE (Millions of bushels) ?
Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B C D E F 00 ☐ 00 OOO ☐ ☐ ☐ О O O O Suppose the fictional country of Olympia produces only two goods: rice and electric scooters. The following graph plots Olympia's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. ELECTRIC SCOOTERS (Millions) 20 40 100 80 60 PPF 201 40 E + 60 B × 4 F 80 100 RICE (Millions of bushels) ?
Chapter13: General Equilibrium And Welfare
Section: Chapter Questions
Problem 13.6P
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Transcribed Image Text:Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all
that apply.
Point Inefficient Efficient
Unattainable
A
B
C
D
E
F
00
☐
00
OOO
☐
☐ ☐
О
O O O
Transcribed Image Text:Suppose the fictional country of Olympia produces only two goods: rice and electric scooters. The following graph plots Olympia's current production
possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F.
ELECTRIC SCOOTERS (Millions)
20
40
100
80
60
PPF
201
40
E
+
60
B
× 4
F
80
100
RICE (Millions of bushels)
?
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