The Production Possibilities Frontier Is the

question 122

Multiple Choice

The production possibilities frontier is the

• A) maximum output that can be produced at an opportunity cost of zero.
• B) minimum output that can be produced when resources are used inefficiently.
• C) boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology.
• D) boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing.
• E) maximum opportunity cost combinations of goods and services.

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Definitions:

LLP

Limited Liability Partnership, a legal structure for businesses where partners have limited liabilities, protecting personal assets from business debts.

Creditor

An individual or institution to whom money is owed by a debtor.

Damages Award

A financial compensation ordered by a court to be paid to a plaintiff by the defendant as restitution for loss or injury.

Furtherance

An action taken to advance or promote a particular cause, objective, or interest.