When Producing at a Production Efficient Point

question 47

Multiple Choice

When producing at a production efficient point,

• A)we face a tradeoff and incur an opportunity cost.
• B)our choice of the goods can be either on or within the production possibilities frontier.
• C)we can satisfy our all wants.
• D)the opportunity cost of another good is zero.

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Definitions:

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating costs, from its total revenues.