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How would a production possibility frontier would be effected by a reduction in the standard number of hours worked?
Wiki User
∙ 16y ago
How would a production possibility frontier would be effected by a reduction in the standard number of hours worked?
Wiki User
∙ 16y ago
A reduction in the standard number of hours worked would likely shift the production possibility frontier inward, indicating a decrease in the maximum possible output levels of goods and services. This is because with fewer hours worked, there are fewer resources being utilized efficiently, leading to decreased production capabilities.
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What do you suppose determines the shape and position of the frontier?
The shape and position of the frontier are determined by the interactions between buyers and sellers in the market. Factors such as consumer preferences, production costs, competition, and government regulations can all influence the frontier. Additionally, technological advancements, changes in resource availability, and shifts in global trade patterns can also impact the shape and position of the frontier.
Describe what productive efficiency means?
Productive efficiency is achieved when goods and services are produced at the lowest possible cost, using the most efficient combination of inputs. It is a state in which a firm produces at the lowest point on its average cost curve, maximizing output for a given level of inputs. Products are produced on the production possibility frontier, ensuring that resources are allocated efficiently.
The Eastern Frontier's leading industrial region is the?
The leading industrial region in the Eastern Frontier is typically known as the Rust Belt due to its historical concentration of heavy industry like steel production and manufacturing. This region has experienced economic shifts towards technology and healthcare sectors in recent years to diversify its industrial base. The Rust Belt includes states like Ohio, Pennsylvania, Michigan, and Indiana.
Why is the north pole considered the last frontier?
The North Pole is considered the last frontier because it is one of the most remote and inhospitable places on Earth. Its extreme cold temperatures, vast ice sheets, and lack of infrastructure make it a challenging environment for exploration and habitation. Additionally, the changing climate and diminishing ice cover have sparked interest in the region as a potential new frontier for resource extraction and shipping routes.
What word means nearly the same as boundary?
border, frontier, edge, limit, perimeterif you mean that word is BOUNDARY......... this is its synonym: border, frontier, borderline
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What are other names of production possibility frontier?
production possibility curve
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
What does PPF stand for in economics?
Production Possibility Frontier.
Under what conditions is the production possibilities frontier linear?
under what conditions an econoy would be operating inside its production possibility frontier?
What is trading possibility frontier?
as in production possibility curve compares production rates of two commodities, this compares prices of different commodities.
What the axes of the production possibility frontier measure?
quantities of productive inputs
What best states the purpose of using a production possibility frontier?
Setting up efficient production
What is the relationship between production possibility frontier and opportunity cost?
An opportunity cost is the alternative choices that can be made with the allocation of scarce resources. A production possibility frontier is a graph illustrating those opportunities and comparing their results.
What is the Production Possibility Frontier for Nigeria?
Production possibility curve refers to the maximum output combination which a firm can produce when it productive resources are fully utilised
