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What is the relationship between opportunity cost and the production possibilities frontier (PPF)?
Opportunity cost is the value of the next best alternative foregone when a choice is made. The production possibilities frontier (PPF) shows the maximum possible combinations of goods that can be produced with given resources. The relationship between opportunity cost and the PPF is that as you move along the PPF and produce more of one good, the opportunity cost of producing that good increases because resources are being shifted away from producing other goods.
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A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
What tool helps a producer set up an efficient system of production?
a production possibilities frontier graph
A production possibilities frontier with a bowed outward shape indicates?
A production possibilities frontier with a bowed outward shape indicates an increase in opportunity costs as more and more of one good is produced. Some resources are more specialized towards specific tasks.
What line that shows different production possibilities for an economy?
production possibilities frontier
What is the relationship between production possibility frontier and opportunity cost?
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
Where would a point of underutilization appear on a product possibilities graph?
below or to the left of the production possibilities frontier
A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
What tool helps a producer set up an efficient system of production?
a production possibilities frontier graph
What tool helps producers set up an efficient system of production?
a production possibilities frontier graph
A production possibilities frontier with a bowed outward shape indicates?
A production possibilities frontier with a bowed outward shape indicates an increase in opportunity costs as more and more of one good is produced. Some resources are more specialized towards specific tasks.
What line that shows different production possibilities for an economy?
production possibilities frontier
What is the relationship between production possibility frontier and opportunity cost?
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
Society's production possibilities frontier is based on?
simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth.
What are the effects of discrimination in the production possibilities frontier?
The effects of discrimination in the production possibilities frontier is that a given business does not fulfill its ful potential.
Where would a point of underutilization appear on a production possibilities?
below or to the left of the production possibilities frontier
In a production possibilities frontier model a point inside the frontier is?
Attainable.
Where would a point of under utilization appear on a production possibilities?
below or to the left of the production possibilities frontier
