If pizza is measured on the horizontal axis and pretzels are measured on the vertical axis, the slope of the production possibility frontier at a given combination reflects

Select one:

a.the total cost of producing that combination.

b.the total cost of producing that quantity of pizza in terms of pretzels.

c.the cost of making the last pizza in terms of pretzels.

d.the cost of making the last pretzel in terms of pizza.

The ability to produce a good at a lower opportunity cost than someone else is called

Select one:

a.competitive production.

b.comparative advantage.

c.selective advantage.

d.absolute advantage.

By saying that MRS = MRT, an economist means that

Select one:

a.for all goods, the value that society places on the last unit produced equals the cost of making that unit.

b.for all goods, the value that a consumer places on the last unit consumed equals the value that all consumers would place on that unit.

c.society is able to produce more output of one good without reducing the output of any other good.

d.no other output mix is technically feasible.