1. **State the problem:** We are given production choices for Ming's Strings producing banjos and harps. The question asks where the combination of 140 banjos and 20 harps lies relative to the production possibilities frontier (PPF).
2. **Understand the PPF:** The PPF shows the maximum possible production combinations of two goods. Points on the PPF represent efficient production, points inside are inefficient, and points outside are unattainable.
3. **Given points on the PPF:**
- A: (200, 0)
- B: (180, 20)
- C: (140, 40)
- D: (80, 60)
- E: (0, 80)
4. **Check the point (140, 20):** This point is not listed among the PPF points. It lies between points B (180, 20) and C (140, 40).
5. **Analyze position:** Since (140, 20) has fewer harps than point C (140, 40) but the same number of banjos as C, it must lie inside the PPF curve because producing 40 harps with 140 banjos is on the frontier, so producing only 20 harps with 140 banjos is less than maximum possible.
6. **Conclusion:** The combination (140, 20) lies inside Ming's production possibilities frontier.
**Final answer:** B. inside Ming's production possibilities frontier.
Ppf Position 6276A2
Step-by-step solutions with LaTeX - clean, fast, and student-friendly.