Economics It is possible for an economy to consume at a point outside its production possibilities frontier Select one: O a. only if it produces at a point outside its production possibilities frontier O b. if all its markets are perfectly competitive O c. if it specializes in and trades products in which it has a comparative advantage O d. never When quantity demanded of a good is less than the quantity supplied at the prevailing market price, Select one: O a. the supply curve shifts leftward until the shortage is eliminated O b. a surplus exists and the price of the good tends to fall O c. the market is in equilibrium O d. a shortage exists and the price of the good tends to rise O e. the demand curve shifts rightward until the surplus is eliminated