Multiple Choice
Refer to Table 13-2. At which number of workers does diminishing marginal product begin?
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2. Introductory Economic Models
Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
The number of products you can produce on an assembly line in one shift is an example of which economic concept?
A
Productive efficiency
B
Allocative efficiency
C
Opportunity cost
D
Marginal utility
Verified step by step guidance1
Step 1: Understand the definitions of the given economic concepts: Productive efficiency, Allocative efficiency, Opportunity cost, and Marginal utility.
Step 2: Productive efficiency refers to producing the maximum output from given inputs or resources, meaning producing goods at the lowest possible cost or maximum quantity.
Step 3: Allocative efficiency is about producing the mix of goods and services most desired by society, where resources are allocated to maximize overall satisfaction.
Step 4: Opportunity cost is the value of the next best alternative foregone when making a choice, focusing on trade-offs rather than output levels.
Step 5: Marginal utility measures the additional satisfaction or benefit gained from consuming one more unit of a good or service, related to consumer preferences rather than production.
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Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency practice set
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