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Earn +20 ptsQ: What assumptions determine the production possibilities curve?
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Is the United States on the production possibilities curve?
no
When charted on a graph Production possibilities frontiers tend to curve?
Yes, they do.
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.
What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
Explain why a production possibilities curve is concave?
Because when one produces one product, the opportunity cost of the other product increases i.e. the concave represents the increasing opportunity cost with the production of a good.
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