The production possibilities frontier is the Select one: O A. maximum output that can be produced at an opportunity cost of zero. B. minimum output that can be produced when resources are used inefficiently. C. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. D. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. E. maximum opportunity cost combinations of goods and services.

The production possibilities frontier is the Select one: O A. maximum output that can be produced at an opportunity cost of zero. B. minimum output that can be produced when resources are used inefficiently. C. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. D. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. E. maximum opportunity cost combinations of goods and services.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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