Which of the Following Would Shift the Production Possibilities Frontier

question 47

Multiple Choice

Which of the following would shift the production possibilities frontier outward?

• A) an increase in the size of the labor force
• B) existing resources and technology being used more efficiently
• C) more money being printed by the government
• D) the end of a strike by a labor union
• E) society's desire to produce more of one of the goods

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Definitions:

Industrial Alcohol

Alcohol used for industrial purposes, including manufacturing and as a fuel or solvent, rather than for consumption.

Interproduct Competition

Interproduct Competition refers to the competition between different products that serve similar purposes, encouraging diversity and improvement in the market.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for competition based on other factors than price.

Economies of Scale

The financial advantages gained by enterprises from their operational size, where the per-unit cost decreases as the operation size increases.