Which of the following are the assumptions of the production possibility curve? a. All of the options b. Technology and skills available are constant c. Resources available are constant in the economy d. Two goods are produced by the economy

Which of the following are the assumptions of the production possibility curve? a. All of the options b. Technology and skills available are constant c. Resources available are constant in the economy d. Two goods are produced by the economy

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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Question

Which of the following are the assumptions of the production possibility curve?

All of the options

Technology and skills available are constant

Resources available are constant in the economy

Two goods are produced by the economy

Definition Definition Curve that represents the various combinations of production possibilities of two commodities when resources or factors of production are given.

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