In the Edgeworth Box Diagram for Production

question 18

Multiple Choice

In the Edgeworth box diagram for production,

• A) a point off the "contract curve" (or "production efficiency locus") cannot have more Production of one of the goods than can some point on the curve.
• B) a point off the "contract curve" (or "production efficiency locus") can involve more Production of both goods than can any point on the curve.
• C) a movement from autarky to trade can be associated with a movement along the "contract curve" (or "production efficiency locus').
• D) the "contract curve" (or "production efficiency locus") will always be the "diagonal"Of the box.

Recognize the importance of econometrics and empirical data in forming and testing economic hypotheses.

Comprehend the concepts of marginalism and its relevance in economic decisions.

Understand the diverse educational and skill needs of entrepreneurs.

Recognize the myths and realities of entrepreneurship.

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