Asked by
Andrea Munoz Coreografías
on Oct 13, 2024
Verified
A production possibilities frontier demonstrates
A) that there are limits to what a society can produce.
B) the various choices a society can make in allocating its resources.
C) the concept of opportunity cost.
D) it demonstrates all of the choices stateD.
Production Possibilities Frontier
A graphical representation that shows the various combinations of output that an economy can produce given the available resources and technology.
Opportunity Cost
Yielding potential gains from different scenarios when one is favored.
Society
A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.
- Absorb the essence and implications of opportunity cost.
- Understand the variables responsible for alterations or movements on the production possibilities frontier.
Verified Answer
NV
Learning Objectives
- Absorb the essence and implications of opportunity cost.
- Understand the variables responsible for alterations or movements on the production possibilities frontier.