-The Above Table Shows Production Combinations on a Country?s Production

question 339

Multiple Choice

$$\begin{array} { | l | l | l | } \hline \text { Point } & \begin{array} { l } \text { Production of } \\X\end{array} & \begin{array} { l } \text { Production of } \\Y\end{array} \\\hline \text { A } & 0 & 40 \\\hline B & 3 & 36 \\\hline \text { C } & 6 & 28 \\\hline \text { D } & 9 & 16 \\\hline \text { E } & 12 & 0 \\\hline\end{array}$$
-The above table shows production combinations on a country?s production possibilities frontier. What is the opportunity cost of one unit of Y when the production of good Y increases from 16 to 28 units?

• A) 3 units of good X per unit of good Y
• B) 1/4 unit of good X per unit of good Y
• C) 4 units of good X per unit of good Y
• D) There is no opportunity cost when moving from one point to another along a production possibilities frontier.

Insight into how market conditions, such as price ceilings and floors, affect consumer and producer surplus.

Grasp the impact of market demand shifts on total surplus at new equilibrium prices.

Understand the process of auction and bid pricing in market transactions.

Understand the concept of producer surplus and how it is determined in a market equilibrium.

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Definitions:

Preponderance of Evidence

The standard of proof in most civil cases, requiring that the case is more likely to be true than not true.

Executive Law

Legislation that outlines the powers and responsibilities of the executive branch of government and its officers.

Supreme Court

The highest federal court in the United States, which has ultimate appellate jurisdiction over all federal court and state court cases that involve a point of constitutional or federal law.

Constitutionality

Refers to whether a law or governmental action is in accordance with the Constitution.