All points on the PPF are points of efficiency. When we produce at the point x on the PPF that we prefer above all other points we achieve efficiency. allocative; production production; allocative allocative; allocative

Question

All points on the PPF are points of efficiency. When we produce at the point x on the PPF that we prefer above all other points we achieve efficiency. allocative; production production; allocative allocative; allocative

Answer 1

B. production; allocative

Answer 2

## Step 1The Production Possibility Frontier (PPF) is a curve that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized. ## Step 2The points on the PPF represent the most efficient use of resources, which is referred to as 'production efficiency'. This means that the economy is producing goods and services at the lowest possible cost.## Step 3When we produce at a point on the PPF that we prefer over all other points, we achieve 'allocative efficiency'. This means that the goods and services are distributed in a way that maximizes societal welfare.

Soru

All points on the PPF are points of efficiency. When we produce at the point x on the PPF that we prefer above all other points we achieve efficiency. allocative; production production; allocative allocative; allocative

Çözüm

Cevap

Daha Fazla

Soru

All points on the PPF are points of __ efficiency. When we produce at the point x on the PPF that we prefer above all other points we achieve __ efficiency. allocative; production production; allocative allocative; allocative

Çözüm

Cevap

Daha Fazla

All points on the PPF are points of efficiency. When we produce at the point x on the PPF that we prefer above all other points we achieve efficiency. allocative; production production; allocative allocative; allocative