Exhibit 2.2​Refer to Exhibit 2.2, which shows the production possibilities frontier for Good A and Good B. Which of the following points represents an inefficient use of the economy’s resources?

If at a given price, the amount by which quantity supplied exceeds quantity demanded, there is _____

Simplify using order of operations: .

A firm with a single owner who has the right to all profits but who also bears unlimited liability for the firm’s losses and debts is known as a(n):

Exhibit 2.2​Refer to Exhibit 2.2, which shows the production possibilities frontier for Good A and Good B. If the given the quantity of resources and level of technology, which of the following points is unattainable?

The difference between a good and a service is that:

An outward shift of the production possibilities frontier _____

Suppose a market is in equilibrium. If a price ceiling is set by the government below the equilibrium price, which of the following is most likely to occur?

Economics:

Exhibit 2.2​Refer to Exhibit 2.2, which shows the production possibilities frontier for Good A and Good B. If all of the economy’s resources are used efficiently to produce only Good B, then the economy will be at point _____.