The production possibilities curve a. shows all combinations of goods that society most desires....
Question:
The production possibilities curve
a. shows all combinations of goods that society most desires.
b. indicates that any combination of goods lying outside the curve is attainable.
c. is bowed out from the origin.
d. is bowed in toward the origin.
Production possibility curve:
Production possibility curve of an economy shows if the society efficiently uses its scarce resources, what various combinations of two goods it can produce. The more efficiently it makes use of its resources, the higher chances it gets to produce on the PP curve.
Answer and Explanation: 1
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View this answer_Option c, is bowed out from the origin_
The production possibility curve does not show those combination of goods that the society most desires,...
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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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- Using production possibilities frontier, illustrate society's trade-off between two goods a clean environment and the quantity of industrial output. What the shape and position of the frontier? What happens to the frontier if engineers develop a new way
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- As you move from left to right along a production possibilities frontier (PPF) that is bowed out from the origin, the opportunity cost of producing the product on the horizontal axis increases. As
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