Multiple Choice
All points on the production possibility frontier are allocations:
A) for which MRS equals MRT.
B) for which consumption is maximized.
C) all factors of production are used efficiently
D) where efficiency in production is not attained.
Correct Answer:
Verified
Correct Answer:
Verified
Q67: In a perfectly competitive economy in general
Q68: The production possibilities frontier will not be
Q69: In an exchange economy, goods are:<br>A)bought, sold,
Q70: International trade is one field where general
Q71: The production possibilities frontier is concave to
Q73: A contract curve:<br>A)represents the locus of points
Q74: An economy's production mix is efficient if:<br>A)MRTS
Q75: General equilibrium refers to:<br>A)an equilibrium where there
Q76: If the invisible hand of the market
Q77: A monopoly in a general equilibrium model