A Point Outside the Production Possibilities Curve

question 123

Multiple Choice

A point outside the production possibilities curve

• A)represents inefficient use of resources.
• B)may be due to unemployment.
• C)represents more resources than are currently available.
• D)is attainable if all resources are used efficiently.
• E)is not attainable regardless of the amount of resources.

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Definitions:

Random Experiment

An experiment or process for which the outcome cannot be predicted with certainty beforehand.

Mutually Exclusive

Two events that cannot occur at the same time, implying that the occurrence of one event precludes the occurrence of the other.

Collectively Exhaustive

Refers to a set of events that covers all possible outcomes, ensuring that no possibilities are left out.

Equally Likely

A term used in probability to describe outcomes that have the same chance of occurring.