Multiple Choice
In the context of the production possibilities frontier (PPF), what does 'increasing marginal opportunity costs' mean?
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2. Introductory Economic Models
PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
Back2. Introductory Economic Models
PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
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- Multiple ChoiceWhat does increasing marginal opportunity costs mean in the context of a production possibilities frontier (PPF)?50views
- Multiple ChoiceIncreasing marginal opportunity cost implies that:21views
- Multiple ChoiceIn the context of the production possibilities frontier (PPF), what does 'increasing marginal opportunity costs' mean?20views
- Multiple ChoiceIn the context of the production possibilities frontier (PPF), what does increasing marginal opportunity costs mean?35views
- Multiple ChoiceWhich of the following best describes increasing marginal opportunity costs as illustrated by a bowed-out production possibilities frontier (PPF)?23views
- Multiple Choice
Chuggy wants to earn a high grade in his microeconomics class, but also loves going to parties and binge drinking. The first graph illustrates Chuggy's PPF. The second graph denotes his MB curve from binge drinking.
What is Chuggy's marginal cost of binge drinking if he parties for three hours a week?
749views - Multiple ChoiceWhat does increasing marginal opportunity costs mean in the context of a production possibilities frontier (PPF)?21views
- Multiple Choice
If Chuggy achieves allocative efficiency, how many hours does he spend binge drinking per week?
658views - Multiple Choice
What is Chuggy's economics grade when he achieves allocative efficiency?
688views