Table 2.1.1 The Following Table Gives Points on the Production Possibilities Frontier

question 123

Multiple Choice

Table 2.1.1
The following table gives points on the production possibilities frontier for goods X and Y.

-From the data in Table 2.1.1 we can infer that

• A)the economy illustrated has a comparative advantage in the production of Y.
• B)the economy illustrated has a comparative advantage in the production of X.
• C)the opportunity cost of producing an additional unit of Y increases as the production of Y increases.
• D)the opportunity cost of producing an additional unit of Y decreases as the production of Y increases.
• E)none of the above.

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Definitions:

Equivalent

Having equal value or significance, or being virtually identical in effect or function.

Symbolic Notation

A system of symbols used to represent numbers, operations, relations, or concepts, especially in mathematical and logical expressions.

Atomic Components

Fundamental parts or elements that cannot be divided into smaller parts within a particular context or framework.

Symbolic Notation

The use of symbols to denote variables, constants, operations, functions, and other mathematical or logical entities.