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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

To determine

Why PPF are drawn as a curve and not as a straight line. Provide the reason behind it.

Explanation

The Production possibility frontier is typically drawn as a curve because of the assumption of rising marginal rate of technical substitution. The MRT rises as we moves left to right and makes the curve concave to the origin...

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