Asked by Shalonda Lyons on Jun 27, 2024
Verified
Locating a point on a utilities possibilities frontier gives you information about:
A) both equity and efficiency.
B) equity but not efficiency.
C) efficiency but not equity.
D) profitability but not efficiency.
Utilities Possibilities Frontier
A graphical representation showing the maximum amount of two or more goods or services that can be produced given a set of resources, highlighting the trade-offs and opportunity costs.
Equity
Fairness or justice in the way people are treated or how resources are distributed.
Efficiency
The optimal use of resources to achieve the desired outcome with minimal waste or expense, often associated with productivity and economic contexts.
- Examine the implications of points on, within, and outside the utility possibilities curve regarding efficiency, equity, and practicability.
Verified Answer
Learning Objectives
- Examine the implications of points on, within, and outside the utility possibilities curve regarding efficiency, equity, and practicability.
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