A Point on Joseph's Production Possibilities Curve Represents 6 Music

question 99

Multiple Choice

A point on Joseph's production possibilities curve represents 6 music CDs and 2 videos produced in a week.A combination of 4 music CDs and 2 videos is an

• A) efficient and attainable point.
• B) efficient but not attainable point.
• C) attainable and inefficient point.
• D) unattainable point.
• E) unattainable and inefficient point.

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Definitions:

Productive

Being productive pertains to the capacity or efficiency of producing a considerable amount or result, typically in the context of economic goods and services.

Benefit From Trade

The advantage gained by countries, firms, or individuals from engaging in exchange, usually resulting in access to a wider variety of goods or services at lower costs.

Opportunity Cost

The monetary loss of relinquishing the best subsequent option upon deciding.

Bowed-out Production Possibility Frontier

A production possibility frontier that is concave to the origin, indicating increasing opportunity costs as production of one good is increased.