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When the production possibilities curve is bowed out resources are?
Resources are not perfectly shiftable between production of the two goods.
What production possibilities curve shows the relationship between the production of which two items?
A production possibilities curve (PPC) typically illustrates the trade-off between the production of two goods or services, such as consumer goods and capital goods. It depicts the maximum output combinations that can be produced given limited resources. For example, the curve may show the trade-off between producing cars and computers, highlighting how increasing the production of one good requires reducing the production of the other. This visualization helps to understand opportunity costs and resource allocation in an economy.
If the law of increasing opportunity costs is reflected in a production possibilities curve which is?
production possibilities curve convex to the origin. Elson Mendoza was here.
How does production possibilities curve differ from production possibilities frontier?
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
Is the outward curve of the production possibilities curve good or bad?
it really good
When the production possibilities curve is bowed out resources are?
Resources are not perfectly shiftable between production of the two goods.
If the law of increasing opportunity costs is reflected in a production possibilities curve which is?
production possibilities curve convex to the origin. Elson Mendoza was here.
Is the United States on the production possibilities curve?
no
How does production possibilities curve differ from production possibilities frontier?
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
Is the outward curve of the production possibilities curve good or bad?
it really good
Is the production possibilities curve convex to the origin?
yes
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What does a production possibilities curve reveal?
A production possibilities curve (PPC) illustrates the maximum output combinations of two goods or services that an economy can achieve, given available resources and technology. It reveals the trade-offs and opportunity costs associated with reallocating resources between the production of different goods. The curve also indicates efficiency (points on the curve), inefficiency (points inside the curve), and unattainable production levels (points outside the curve). Overall, it helps to visualize the limits of production and the choices an economy must make.
A point that lies outside a country's production possibilities curve mean what?
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
Why does a production possibilities curve have a bowed-out shape?
The PPF is bowed outwards (concave to the origin) as tradeoffs between the production of any two goods are constant.
An increase in technology will cause the production possibilities curve to?
shift outward
