A Point Lying Inside (Under) a Production Possibilities Curve Indicates

question 69

Multiple Choice

A point lying inside (under) a production possibilities curve indicates that

• A)the economy is saving money.
• B)there are no associated opportunity costs.
• C)more output could be produced with existing resources.
• D)technology limits production.

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Definitions:

Inferring with Certainty

Inferring with certainty means drawing a conclusion that is considered to be absolutely true based on the available evidence and logical reasoning.

Implications

The possible effects or consequences that may result from a particular action, statement, or decision.

Grammatically Equivalent

Refers to phrases or sentences that have the same grammatical structure.

Denying the Antecedent

A logical fallacy that occurs when one incorrectly assumes that if the antecedent is not true, then the consequent cannot be true, in a conditional statement.