Figure 2-3 Tonnes

question 79

Multiple Choice

Figure 2-3
Tonnes
of
Soybeans
-Given Figure 2-3 as the PPC for a particular farmer,if the farm is producing 7,000 tonnes of soybeans at point b,we know that

• A)the farmer must be using only 75 hectares of his land.
• B)the farmer must have leased an additional 25 hectares of land.
• C)the farmer must be producing 5000 tonnes of corn.
• D)if the farmer were using his resources efficiently,he could be producing 6500 tonnes of corn.

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Definitions:

Learning-By-Doing

Acquiring skills and efficiency in a task through direct experience or practice, often leading to reduced costs and improved performance over time.

Dominant Strategies

In game theory, a strategy that is best for a player in a game regardless of the strategies chosen by the other players.

Sequential Version

A process or model that is designed to occur or be executed in a specific order or sequence.

Preemptive Strategy

A business strategy designed to discourage or prevent potential competitors from entering the market.