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Chapter 12: Q 28. (page 297)

What does a point inside the production possibility frontier represent?

Short Answer

Expert verified

A point inside the production possibility frontier represents a production inefficiency.

Step by step solution

01

Step 1. Production possibility curve.

A production possibility curve shows various combinations of goods and services produced in an economy with the given resources and technologies.

02

Step 2. A point inside the production possibility frontier.

A point inside the production possibility frontier represents a production inefficiency. Productive inefficiency means when the resources of an economy are underutilized and there can be an improvement.

Such an economy indicates that more economic output or environmental protection could be achieved at no additional costs.

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