Asked by Priyani Patel on May 06, 2024
Verified
Refer to Figure 2-3. This economy cannot currently produce 80 forks and 80 knives because
A) it is not using all of its resources.
B) it is not using the most efficient production process.
C) it does not have the resources and technology to produce that level of output.
D) consumers don't want that many forks and knives.
Efficient Production Process
A method of production that uses the least amount of resources to achieve the maximum output.
Resources And Technology
The combination of natural resources, human resources, and technology that firms use to produce goods and services.
- Appreciate the essence of the production possibilities frontier (PPF) and its ramifications.
Verified Answer
AT
abira thayalanMay 12, 2024
Final Answer :
C
Explanation :
The economy cannot produce 80 forks and 80 knives because it lacks the resources and technology to achieve that level of output, as indicated by the point being outside the production possibilities frontier.
Learning Objectives
- Appreciate the essence of the production possibilities frontier (PPF) and its ramifications.