Refer to Figure 5-3. The efficient quantity of medical services is

The VP in charge of product launches hypothesizes that a particular product would be profitable, then launching an unprofitable product is a

a. Type I error b. Type II error c. Type III error d. Type IV error

If you discover that the opportunity cost of raising your economics grade is zero, you

a. are studying too hard and receiving a higher grade than is optimal for you. b. must be on the production possibilities frontier that describes your trade-offs between producing high grades and producing other goods. c. must be inside the production possibilities frontier that describes your trade-offs between producing high grades and producing other goods. d. must be producing more of other goods than is optimal for you.