Figure 11-2

-The graphical device that illustrates the concept of scarce resources being efficiently utilized in the economy is a(n)
A)budget line.
B)indifference curve.
C)production possibilities frontier.
D)marginal cost curve.

Question

Figure 11-2
​ 
-The graphical device that illustrates the concept of scarce resources being efficiently utilized in the economy is a(n)
A)budget line. 
B)indifference curve. 
C)production possibilities frontier. 
D)marginal cost curve.

Quizplus · Accepted Answer

The production possibilities frontier (PPF) graphically illustrates the concept of scarce resources being efficiently utilized in the economy. The PPF shows the maximum amount of two goods that can be produced with a given set of resources and technology, and it demonstrates the concept of trade-offs and opportunity costs.

Figure 11-2 ​

Figure 11-2