The production possibilities model shows an inverse relationship between the amount of one thing...
Question:
The production possibilities model shows an inverse relationship between the amount of one thing and the amount of something else that can be produced because
A. the opportunity cost of producing more of something will fall.
B. production of different types will compete for limited resources.
C. of diminishing returns.
Production Possibility Frontier
A production possibility frontier is a graph that shows the combinations of production of two different goods when the economy is using all its resources efficiently.
Answer and Explanation: 1
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View this answerThe correct option is B. production of different types will compete for limited resources.
The two goods that a production possibility frontier will...
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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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- A country possesses a comparative advantage in the production of a product if: a. The opportunity cost, in terms of the amount of the other products that it gives up to produce this product, is lower
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- Marginal cost can be defined as the change in: A. cost resulting from one more unit of production. B. cost resulting from one less unit of production. C. benefit resulting from one more unit of production. D. benefit resulting from one less unit of produc
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