The production possibilities curve illustrates all of the following concepts except:

Question

Quizplus · Accepted Answer

The production possibilities curve does not specifically illustrate the concept of unlimited wants, although it does assume that wants are not fully satisfied and that choice must be made between producing different goods or services. The curve primarily represents the concepts of scarcity, the law of increasing costs, opportunity cost, and the availability of resources.

The Production Possibilities Curve Illustrates All of the Following Concepts