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Question: A point outside the production possibilities curve [PPC]:  A. Represents inefficient use of resou...

Show transcribed image text A point outside the production possibilities curve [PPC]: A. Represents inefficient use of resources B. Represents the prevalence of unemployment C. Represents more resources than arc currently available D. Is attainable if all resources are used efficiently. E. None of the above Answer: ___ Refer to the graph shown. If the market price is P1, the firm will produce: A. Q2 and earn a profit. B. Q3 and earn a profit. C. Q2 and incur a loss D. Q3 and incur a loss. Answer: ___ If the total cost of producing 2 pounds of cheese is $6 and the total cost of producing 4 pounds of cheese is $8, then: A. Total cost is declining B. Average total cost is declining C. Average total cost is increasing D. Average total cost is constant. E. Total cost is constant Answer: ___

A point outside the production possibilities curve [PPC]: A. Represents inefficient use of resources B. Represents the prevalence of unemployment C. Represents more resources than arc currently available D. Is attainable if all resources are used efficiently. E. None of the above Answer: ___ Refer to the graph shown. If the market price is P1, the firm will produce: A. Q2 and earn a profit. B. Q3 and earn a profit. C. Q2 and incur a loss D. Q3 and incur a loss. Answer: ___ If the total cost of producing 2 pounds of cheese is $6 and the total cost of producing 4 pounds of cheese is $8, then: A. Total cost is declining B. Average total cost is declining C. Average total cost is increasing D. Average total cost is constant. E. Total cost is constant Answer: ___