Complete Table 21 Table 213 How Many Units of Output Can Be Produced When

question 113

Multiple Choice

Complete Table 21.3 below:
$\begin{array}{l}\begin{array} { ccc} \text { Units of } & \text { Units of } \\\text { Labor } & \text { Output } & \text { MPP } \\\hline0 & 0 & ....\\1 & - & 30 \\2 & { 66 } &- \\3 & -& 30\\4 & 116&-\end{array}\\\end{array}$

Table 21.3 How many units of output can be produced when three units of labor are employed in Table 21.3?

• A) 30.
• B) 31.
• C) 66.
• D) 96.

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Definitions:

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods, given a set of inputs.

Maximum Possible Output

The highest quantity of goods and services an economy can produce when it is utilizing all of its resources efficiently.

Efficient Use

The allocation of resources in a manner that maximizes the output of goods and services with minimal waste.

Simplifying Assumptions

Simplifying Assumptions are used in economic models to reduce complexity by assuming ideal conditions that may not always reflect real-life scenarios.