The Points Where Constraints Intersect on the Boundary of the Feasible

question 29

Multiple Choice

The points where constraints intersect on the boundary of the feasible region are termed as the

• A)feasible points.
• B)objective function contour.
• C)extreme points.
• D)feasible edges.

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Definitions:

Specialize

Concentrating on and becoming expert in a particular subject or skill.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, enabling more efficient trade.

Production Possibilities Line

A curve depicting all maximum output possibilities for two goods, given a set of inputs.

Trading Possibilities Line

A graphical representation showing the combinations of goods that a country can produce or trade given the resource constraints and technology.