Question: ( Figure: Production Possibilities ) Which statement is NOT correct regarding point X ? Question 9 options: a ) Because it is on the line,
Figure: Production Possibilities Which statement is NOT correct regarding point X
Question options:
a
Because it is on the line, the combination at point X has no opportunity cost.
b
Society might prefer other combinations on the line to the mix of output at point X
c
The combination produced at point X is productively efficient.
d
Suppose in the market for iPhones, the following two changes take place: the cost of making iPhones rises, and customers begin to prefer Androidplatform smartphones over iPhones. What happens to equilibrium price and equilibrium quantity?
Question options:
a
The equilibrium price falls, but the equilibrium quantity is indeterminate.
b
The equilibrium price rises, but the equilibrium quantity is indeterminate.
c
The equilibrium price and the equilibrium quantity fall.
d
The equilibrium price is indeterminate, but the equilibrium quantity falls.
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