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Could someone help I do not know why I got 6 out of 10 Question 8 The PPF is: O of constant slope O convex
Could someone help I do not know why I got 6 out of 10
Question 8 The PPF is: O of constant slope O convex to the origin or bowed towards origin concave to the origin or bowed away from origin O none of the other three answersQuestion 4 A point located inside the PPF is: O efficient, but not attainable O not efficient, but attainable O neither efficient nor attainable O efficient and attainableQuestion 7 The MRPS is equal to: O change in X2/change in X1 O change in Y/change in X O change in X/change in Y- O change in Y2/change in Y1Question 5 If the price of the output on the horizontal axis (Y1) increases, ther O the slope of the isorevenue line will become less steep O the slope of the PPF will become steeper O the slope of the isorevenue line will become steeper O the slope of the PPF will become less steepQuestion 3 In equilibrium: O the slope of the PPF is equal to the slope of the isorevenue line O the revenue maximizing combination of outputs produced O the MRPS - price ratio O all of the other three answersQuestion 10 For a farm producing two crops and operating on the Production Possibiliti maximized, a reduction in the price of one crop will: increase the costs of production O none of the other three answers O shift the Production Possibilities Frontier (curve) inward O change the slope of the isorevenue lineQuestion 2 The Marginal Rate of Product Substitution (MRPS) tells a manager: O the amount by which the opportunity cost of one product will decline with a given set of none of the other three answers O the amount of output possible for all given sets of resources available the amount by which one output must be reduced when another output is increased for a gQuestion 9 A change in relative prices will affect the: O rate of technological change O PPF O isorevenue line O MRPSQuestion 1 The Production Possibilities Frontier (curve) represents all possible combinations of tw O for which the opportunity costs are equal O that will yield the same total revenues O that can be produced with the same set of resources O that are supplementary in relationshipTo maximize profits for a given level of resources, the firm will: O go to the highest isorevenue line possible go to the highest PPF possible O go to the highest isoquant possible O go to the highest isocost line possibleStep by Step Solution
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