which of the following is true of the production possibilities curve? group of answer choices it assumes a fixed quantity of resources. it assumes the prices of the products considered are equal. a point inside the curve is efficient. all of the above are correct.

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25-10-2022
Business

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which of the following is true of the production possibilities curve? group of answer choices it assumes a fixed quantity of resources. it assumes the prices of the products considered are equal. a point inside the curve is efficient. all of the above are correct.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-27T13:21:15-04:00

The correct statement regarding production possibility (PPF) curve is that it assumes a fixed quantity of resources.

The production possibility frontier (PPF) is a curve on a graph that represents the potential output of two commodities whose production is reliant on the same limited resource. Another name for the PPF is the production possibility curve. PPF is important in economics as well. For instance, it can show that a growth of the economy has achieved the optimum level of effectiveness.

The best life quality is possible for a society when it is operating at the production possibility frontier, or the extreme edge of this curve, because it is employing its resources to produce as much as possible. The resources aren't being utilized to their complete capability if the quantity produced falls within the curve.

The complete question is here:

Which of the following is true of the production possibilities curve?

a. It assumes a fixed quantity of resources.

b. It assumes the prices of the products considered are equal.

c. A point inside the curve is efficient.

d. All of the above are correct.

Learn more about production possibility curve (PPF) here:

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