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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
What line on a production possibilties curve shows the amounts of goods produced?
The line on a production possibilities curve (PPC) that shows the amounts of goods produced is known as the production possibilities frontier (PPF). This curve illustrates the maximum feasible output combinations of two goods that can be produced with available resources and technology. Points on the curve indicate efficient production levels, while points inside the curve represent inefficiency, and points outside the curve are unattainable with current resources.
What does a production possibilities curve reveal?
A production possibilities curve (PPC) illustrates the maximum output combinations of two goods or services that an economy can achieve, given available resources and technology. It reveals the trade-offs and opportunity costs associated with reallocating resources between the production of different goods. The curve also indicates efficiency (points on the curve), inefficiency (points inside the curve), and unattainable production levels (points outside the curve). Overall, it helps to visualize the limits of production and the choices an economy must make.
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
If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
What 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
What does a production possibilities curve reveal?
A production possibilities curve (PPC) illustrates the maximum output combinations of two goods or services that an economy can achieve, given available resources and technology. It reveals the trade-offs and opportunity costs associated with reallocating resources between the production of different goods. The curve also indicates efficiency (points on the curve), inefficiency (points inside the curve), and unattainable production levels (points outside the curve). Overall, it helps to visualize the limits of production and the choices an economy must make.
Why is the production possibility curve bowed out from the origin of the curve?
Diminishing Marginal returns to capital and labor.
What is represented by a point inside the curve on a production possibilities curve graph?
A point inside the curve on a production possibilities curve (PPC) represents an inefficient use of resources, where the economy is not operating at its full potential. This indicates that more of one or both goods could be produced without sacrificing the production of another good. It suggests underutilization of labor, capital, or technology. In contrast, points on the curve represent efficient production levels.
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.
If the economy is inside the production possibilities curve then more output can be produced using existing resources true or false?
That is true :)
