Which of the Following Is NOT Illustrated by a Production

question 57

Multiple Choice

Which of the following is NOT illustrated by a production possibilities frontier?

• A)Opportunity cost
• B)The necessity for choice
• C)Who gets the goods
• D)Scarcity

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Definitions:

Sapphire Pendant Necklaces

Jewelry items consisting of pendants made from the gemstone sapphire, typically hung on a chain or necklace.

Income Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in consumers' income, expressed as a percentage change in demand divided by the percentage change in income.

Inferior Good

is a type of good whose demand decreases when consumer income rises, unlike normal goods, for which demand increases when income rises.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply at various prices.