On a Graph of a Production Possibilities Curve, an Inefficient

question 96

Multiple Choice

On a graph of a production possibilities curve, an inefficient point is:

• A)necessarily an attainable point.
• B)not necessarily an attainable point.
• C)necessarily an unattainable point.
• D)possibly an unattainable point.

Understand the conditions for long-run economic profit or loss in price-taker markets.

Assess the minimum price a firm would need to charge to cover its average total cost in the long run.

Distinguish between price searchers and price takers.

Evaluate the effect of market entry or exit on market supply, price and firm profitability.

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Definitions:

American Medical Association

A professional group in the United States that sets standards for medical education, practice, and ethics, and advocates for physicians and patients.

Obesity

A medical condition characterized by excess body fat that presents a risk to health.

Disease

A particular abnormal condition that negatively affects the structure or function of all or part of an organism, and that is not due to any external injury.

Holistic Medical Practitioner

A healthcare professional who treats patients by considering their physical, emotional, social, and spiritual needs.