Table 2-1
the Following Table Contains Some Production Possibilities for an Economy

question 107

Multiple Choice

Table 2-1
The following table contains some production possibilities for an economy for a given month. $$\begin{array} { | c | c | } \hline \text { Tables } & \text { Chairs } \\\hline 5 & 300 \\\hline 10 & ? \\\hline 15 & 100 \\\hline\end{array}$$
-Refer to Table 2-1. If the production possibilities frontier is bowed outward, then "?" could be

• A) 100.
• B) 150.
• C) 200.
• D) 250.

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Definitions:

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the public.

Factor Market

A marketplace for the services of a factor of production (e.g., labor, capital), where firms buy resources they need to produce goods and services.

Circular Flow

An economic model depicting how money moves through an economy between producers and consumers, illustrating the continuous flow of goods and services and financial transactions.

Business

An organization or enterprising entity engaged in commercial, industrial, or professional activities.