The Construct Used to Demonstrate Efficient Use of Society's Resources

question 196

Multiple Choice

The construct used to demonstrate efficient use of society's resources is the

• A)production possibilities frontier.
• B)payoff matrix.
• C)input-output table.
• D)cost-benefit table.

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Definitions:

Mixers

Devices used to blend or combine ingredients together, often found in kitchens or for industrial purposes.

Average Fixed Cost

The fixed costs of production (costs that do not change with output level) divided by the quantity of output produced.

Range of Output

The spectrum of production levels within which a firm operates, from minimum to maximum capacity.

Mixers

Devices used to blend, beat, or whip ingredients together into a coherent mixture.