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The typical production possibilities curve (PPC) illustrates the maximum output combinations of two goods that an economy can achieve given its resources and technology. The curve is usually bowed outward, reflecting increasing opportunity costs; as production of one good increases, more and more resources are required, leading to a greater sacrifice of the other good. Points on the curve represent efficient production, while points inside indicate inefficiency, and points outside are unattainable with current resources. The PPC can shift outward with economic growth or improvements in technology.
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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
Is the production possibilities curve convex to the origin?
yes
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.
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
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.
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
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.
Moving left to right the typical production possibilities curve ahas a constant neg. slope b has a constant posit. slope cillustrates increasing opportunity costs d ill. decreasing oppor. cost.?
Moving from left to right, the typical production possibilities curve:C)illustrates increasing opportunity costsFeedback: The typical curve is bowed out from the origin, reflecting increasing sacrifices of one good as the other is increased. This is the principle of increasing opportunity costs.
Moving left to right the typical production possibilities curve ahas a constant neg slope b has a constant posit slope cillustrates increasing opportunity costs d ill decreasing oppor cost?
Moving from left to right, the typical production possibilities curve:C)illustrates increasing opportunity costsFeedback: The typical curve is bowed out from the origin, reflecting increasing sacrifices of one good as the other is increased. This is the principle of increasing opportunity costs.
An increase in technology will cause the production possibilities curve to?
shift outward
A point inside the production possibilities curve is.....?
Attainable, but the economy is inefficient.
