The production possibilities frontier
A) depicts the boundary between those combinations of goods and services that can be produced and those that cannot given resources and the current state of technology.
B) is a graph with price on the vertical axis and income on the horizontal axis.
C) is a model that assumes there is no scarcity and no opportunity cost.
D) shows how many goods and services are consumed by each person in a country.
Correct Answer:
Verified
Q1: Which of the following is NOT true
Q3: Any production point outside the production possibilities
Q4: Harry produces 2 balloon rides and 4
Q5: When producing at a production efficient point,_
Q6: Scarcity is represented on a production possibilities
Q7: The production possibilities frontier represents
A) the maximum
Q8: A point outside a production possibilities frontier
Q9: On the vertical axis, the production possibilities
Q10: Which of the following statements regarding the
Q11: Jane produces only corn and cloth. Taking
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents