On a production possibilities curve, unemployment is represented by: a. a point on the production...
Question:
On a production possibilities curve, unemployment is represented by:
a. a point on the production possibilities curve.
b. the points at which the production-possibilities curve touches each axis.
c. a point below or to the left of the production possibilities curve.
d. a point above and to the right of the production possibilities curve.
Production Possibilities Curve:
A production possibilities curve shows us all combinations of two goods we can produce given we are using all available resources. A production possibilities curve is often concave because of diminishing returns.
Answer and Explanation: 1
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View this answerAnswer: C
When unemployment occurs, labor is not being used to its fullest. Thus, we are not using all available resources in the production of...
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Production Possibilities Curve: Definition & Examples
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Chapter 11 / Lesson 28
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Understand what the production possibilities curve is, and learn how to construct and interpret a production possibilities curve along with the example.
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