0/5 pts ncorrect Question 12 To demonstrate efficient production choice on the P
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0/5 pts ncorrect Question 12 To demonstrate efficient production choice on the PPF Model one would choose any point of production inside the production possibilities curve one would choose any point of production outside the production possibilities curve one would choose any point of production on the production possibilities curve. one would choose any point of production on the production possibilities frontier model. one would choose any point of production where the distribution of the 2 products is completely equitable for societyExplanation / Answer
12. one would choose any point of production on the production possibility curve. The PPC shows the combination of goods that can be produced given the full utilization of resources. Hence, choosing a point on the PPC utilises the resources optimally.
14. False. This is because the goods produced need not be similar but utilise the similar or same resources in production.
15. Too many demanders and not enough supply. When people demand a good more than it is available then there occurs a shortage in the market.
17. Quantity supplied of boots will decrease. The law of supply tells us that there exists a direct relationship between the quantity supplied and the price of a good.
19. supply curve shifting inward to the left and price increases. The decrease in supply will shift the supply curve to the left, given the same demand curve the price will increase in the market.
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