Use the Figure Below to Answer the Following Questions

question 62

Multiple Choice

Use the figure below to answer the following questions.
Figure 2.1.2
-Refer to the production possibilities frontier in Figure 2.1.2.Suppose that 50 units of Y are produced.Then

• A)resources are not being fully utilized.
• B)9 units of X can be produced if all resources are used and assigned to the task for which they are the best match.
• C)7 units of X are being produced.
• D)6 units of X can be produced if all resources are used and assigned to the task for which they are the best match.
• E)6 units of X are being produced.

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Definitions:

Utility Function

A mathematical model in economics that ranks alternatives based on their utility or satisfaction levels to a consumer.

Price of X

The monetary value or cost assigned to a good or service, labeled as "X" as a placeholder for any specific item.

Price of Y

The market cost or value assigned to a good or service denoted by 'Y', influenced by factors such as supply, demand, and competition.

Money

An officially issued legal tender generally accepted as a medium of exchange, a unit of account, and a store of value.