If production point is inside the production possibilities frontier
A) it is not possible to produce more of both goods.
B) production is inefficient.
C) in order to produce more of one good, less of the other must be produced.
D) production is in the "unattainable" region.
B
Economics
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Economies of scale means
a. average total cost rises as firm size and output increase b. average total cost falls as firm size and output increase c. small firms have a cost advantage over large firms d. monopolistically competitive firms charge less than a monopoly e. a monopoly makes more economic profit than a perfectly competitive firm
Economics
Refer to the graph below. At which point is marginal product (MP) at its maximum?
A. Point A
B. Point B
C. Point C
D. Point D
Economics