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How does production possibilities curve differ from production possibilities frontier?
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
What does each point on a production possibilities curve show?
an efficient utilization of resources
If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
If the law of increasing opportunity costs is reflected in a production possibilities curve which is?
production possibilities curve convex to the origin. Elson Mendoza was here.
Why the production possibilities frontier graph is in curve?
the increasing costs resulting in increasingly less outputIt means underutilization of resources.
Why is A nation's production possibilities curve is bowed out from the origin?
When there are diminishing marginal returns to factors of production, the PPF is "bowed out" from the origin.
Why does a production possibilities curve have a bowed-out shape?
The PPF is bowed outwards (concave to the origin) as tradeoffs between the production of any two goods are constant.
How does production possibilities curve differ from production possibilities frontier?
the possibility production curve show production that can be produces using minimum resources whereas the possibilty productive frointer show the attainable levls of production.
What does each point on a production possibilities curve show?
an efficient utilization of resources
What If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
Increases in resources or improvements in technology will tend to cause a society's production-possibilities curve to?
shift outward
Why is the production possibility curve bowed out from the origin of the curve?
Diminishing Marginal returns to capital and labor.
If the law of increasing opportunity costs is reflected in a production possibilities curve which is?
production possibilities curve convex to the origin. Elson Mendoza was here.
Why the production possibilities frontier graph is in curve?
the increasing costs resulting in increasingly less outputIt means underutilization of resources.
If the economy is inside the production possibilities curve then more output can be produced using existing resources true or false?
That is true :)
What is a production possibilities curve?
It shows the various combination of goods and services that can be produced if all society's resources are used efficiently.
