Suppose a production possibilities frontier (PPF) has been plotted on a graph. If the horizontal axis of the graph measures the output of capital goods and the vertical axis measures the output of consumer goods, then a point outside the PPF represents:
a. a smaller quantity of consumer goods than that represented by a point inside the PPF.
b. an inefficient output combination of the two goods
in the economy.
c. an unattainable output combination of the two goods in the economy.
d. an output combination of more consumer goods than capital goods.
e. a smaller quantity of capital goods than that represented by a point inside the PPF.
c
Economics
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Assume Joe is only willing to pay $5 for a Ferrari sports car
A) Joe is not considered part of the demand for Ferraris. B) Joe won't be sold a Ferrari. C) Joe is not considered rational. D) Joe's willingness to pay is not indicative of how much he values the Ferrari.
Economics
Modern economic growth began
What will be an ideal response?
Economics