All Points on a Production Possibilities Frontier Show the

question 51

Multiple Choice

All points on a production possibilities frontier show the

• A) maximum satisfaction that households receive from their purchases of goods.
• B) minimum quantities of resources that must be used to produce a given quantity of output.
• C) maximum output that society can produce with given resources and technology.
• D) minimum output that society can produce with given resources and technology.

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Definitions:

Buying And Selling

The basic actions of purchasing an asset and then selling it, fundamental processes in any market.

Operating Lease

A lease agreement allowing the use of an asset but does not convey rights of ownership of the asset.

Relatively Short

The term "relatively short" refers to a period of time that is short in comparison to other relevant timeframes or expectations.

Technological Changes

The overall process of invention, innovation, and diffusion of technology or processes.