14-2 Figure i Wheat 19. As we move down the production possibilities schedule in

Question

14-2 Figure i Wheat 19. As we move down the production possibilities schedule in Figure 14-2, each successive point is a. less efficient. b. more efficient. c. equally efficient. d. more or less efficient; we cannot tell which. 20. Which nation lsed below is succesfully ransitioning from a planned economy to a hybrid market economy? a. People's Republic of China. b. Japan c. United Kingdom. d. United States 21. If the production of a good generates a detrimental externality, then at that level of production of the good under perfect competition, a. MSC > P b. MPC> MSC. d. MPC> P 22. Monopolistic competition is common in a. retail selling. b. farming. c. basic manufacturing. d. electric power generation. 23. In the United States, price-fixing arrangements among firms are a. legal.

Explanation / Answer

Ans:

19) Option C

equally efficient

Points on the production possibility frontier indicates efficient use of the available resources and hence as we move down the production possibility schedule each successive point is equally efficient.

20) Option A

People's Republic of china.  

The United States, United Kingdom, and Japan are all examples of market economies.However People's Republic of china is successully transitioning from a planned economy to a hybrid market economy.

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