Solved

Which of the Following Statements Is Not True Regarding the Production

Question 1

Multiple Choice

Which of the following statements is not true regarding the production function and the production possibilities curve?


A) Both the production function and the production possibilities curve maximize the amount of output attainable.
B) The production function describes the capacity of a single firm, whereas the production function summarizes the output capacity of the entire economy.
C) A production function tells us the maximum amount of output attainable from the use of all resources.
D) The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources.

Correct Answer:

verifed

Verified

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents