A Situation in Which Some Resources Are NOT Fully Utilized

question 260

Multiple Choice

A situation in which some resources are NOT fully utilized is represented in a production possibilities frontier diagram by

• A) the midpoint of the production possibilities frontier.
• B) a point outside the production possibilities frontier.
• C) a point inside the production possibilities frontier.
• D) any point on either the horizontal or the vertical axis.

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Definitions:

Cost Effective

Cost-effective refers to an action that provides the best possible outcome for the least amount of money, maximizing the benefits relative to its costs.

Breakdown Maintenance

Maintenance performed after equipment failure or breakdown to restore it to operational condition.

Two-Component Process

A process consisting of two distinct parts or stages that together complete a task or produce a product.

Success Rate

The percentage of attempts or operations that are successful, often used as a measure of efficiency or effectiveness.