The production possibilities frontier model assumes which of the following?
A) Labor, capital, land and natural resources are unlimited in quantity.
B) The economy produces only two products.
C) Any level of the two products that the economy produces is currently possible.
D) The level of technology is variable.
Correct Answer:
Verified
Q3: Pierre can produce either a combination of
Q4: If the production possibilities frontier is _,
Q6: The points outside the production possibilities frontier
Q8: Figure 2-2 Q9: The production possibilities frontier model shows that Q12: The attainable production points on a production Q15: The production possibilities frontier shows the _ Q15: Scarcity Q17: Figure 2-2 Q20: In a production possibilities frontier model, a
A)if
A)stems from the incompatibility between limited resources
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