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What does each point on a production possibilities curve show?
an efficient utilization of resources
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
Where on a production possibilities curve an economy working below its most efficient production levels is shown?
At any point of underutilization/any point inside of the curve
What does a point inside a production possibilities curve represent?
A point inside a production possibilities curve represents things that can be produced. However, points inside the curve would be less efficient to produce than those points resting directly on the line.
When a firm is operating at an efficient scale?
Efficient scale is the smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to supplies and costs. In classical economics, the minimum efficient scale is defined as the lowest production point at which long-run total average costs (LRATC) are minimized.
What does each point on a production possibilities curve show?
an efficient utilization of resources
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
Where on a production possibilities curve an economy working below its most efficient production levels is shown?
At any point of underutilization/any point inside of the curve
What does a point inside a production possibilities curve represent?
A point inside a production possibilities curve represents things that can be produced. However, points inside the curve would be less efficient to produce than those points resting directly on the line.
When a firm is operating at an efficient scale?
Efficient scale is the smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to supplies and costs. In classical economics, the minimum efficient scale is defined as the lowest production point at which long-run total average costs (LRATC) are minimized.
Is an economy is efficient when it has achieved full production?
The economy is efficient only when it has achieved full employment and full production
An economy working below its most efficient production levels?
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
What is known as the efficient production of large numbers of identical goods?
Mass production.
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 are some true statements about the industrial revolution and capitalism?
(Nova-Net) New technology made production much more efficient.
What states the purpose of using the production possibilities frontier?
Setting up efficient production
What is represented by a point inside the curve on a production possibilities curve graph?
A point inside the curve on a production possibilities curve (PPC) represents an inefficient use of resources, where the economy is not operating at its full potential. This indicates that more of one or both goods could be produced without sacrificing the production of another good. It suggests underutilization of labor, capital, or technology. In contrast, points on the curve represent efficient production levels.
