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 9 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: (1) the cost of making iPhones rises, and (2) customers begin to prefer Android-platform smartphones over iPhones. What happens to equilibrium price and equilibrium quantity?
Question 10 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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