Answered: Briefly discuss why societies cannot…

Briefly discuss why societies cannot make a choice above their production possibilities curve and shoud not make a choice below it?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 13RQ: Explain why societies cannot make a choice above their production possibilities frontier and should...

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Briefly discuss why societies cannot make a choice above their production possibilities curve and shoud not make a choice below it?

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Similar questions

Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
Explain why scarcity leads to tradeoffs.
A) What is the opportunity cost of moving from Point A to Point C? 4) What is the opportunity cost of moving from Point B to Point A? B) Is it possible to increase the quantity of cars produced and also increase the quantity of computers produced at the same time by moving from one point to another ON the production possibilities curve? Briefly explain your position. C) Is it possible to increase the quantity of cars produced and also increase the quantity of computers produced at the same time by moving from a point inside the production possibilities curve to a point ON the production possibilities curve? Briefly explain your position. D) What can cause a movement from Point C to Point D. Briefly explain your position. 8) What can cause a movement from Point C to Point B. Briefly explain your position.
What should I assume when I am asked to make a Production Possibilities Curve?
The state of California has proposed sending New York City 500 ventilators for COVID -19 victims that are experiencing respiratory problems. However, if California sends New York these very important devices then they may need some of them later and not have any. Suppose that instead of sending all of the 500, California sends 300. Starting from a case of New York not having any respirators and California having 500, using a production possibilities graph, show a situation where California sends 300 respirators instead of 500.