-Refer to the Above Figure

question 226

Multiple Choice

-Refer to the above figure. Assume that only two goods can be produced in the economy. Which of the following statements is TRUE?

• A) Points a, b, and c are all obtainable points of production.
• B) Points a and b are obtainable points of production.
• C) Points b and c are obtainable and efficient points of production.
• D) Only point b is an obtainable and efficient point of production.

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Definitions:

Method of Substitution

A technique used to solve systems of equations by solving one equation for one variable and substituting that expression into the other equation.

System of Equations

A set of equations with the same variables, which are solved together to find a common solution for those variables.

Method of Elimination

A technique used to solve systems of equations by eliminating one of the variables.

System of Equations

A set of equations with the same variables, which are solved together to find a common solution.