(Table: Production Possibilities Schedule) in the Table, a Combination of 4,500

question 23

Multiple Choice

(Table: Production Possibilities Schedule) In the table, a combination of 4,500 iPads and 2,000 HDTVs

• A) is unattainable.
• B) is a point on the production possibilities frontier.
• C) is a point inside of the production possibilities frontier.
• D) is accomplished at full employment.

---

Definitions:

Break-Even Point

The point at which total costs and total revenues are equal, meaning a business is not making a profit but also not incurring a loss.

Short Run

A period in which at least one factor of production is fixed, limiting the immediate capacity to adjust to changes in demand.

Long Run

A time frame where every production factor and cost can change, providing complete flexibility to adapt to new situations.

Short-Run Supply

The supply of goods that exists when producers are able to change the quantity of the good produced in response to changing prices, typically within a limited time frame.