All points on the production possibilities frontier

A) are production inefficient.
B) achieve allocative efficiency.
C) are production efficient but only one point achieves allocative efficiency.
D) are allocatively efficient but only one point achieves production efficiency.
E) are allocatively inefficient.

C

Economics

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The maximum price that a consumer is willing to pay for each unit bought is the ________ price

A) market B) reservation C) consumer surplus D) auction E) choke

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If Bob can produce completed mathematics homework assignments at a lower opportunity cost than Jane can accomplish, then Bob has ________ in completing mathematics homework assignments

A) a relative advantage B) an absolute advantage C) a complete advantage D) a comparative disadvantage

Economics