Asked by
Divisi TI - Peruri
on Oct 09, 2024
Verified
Which of the following is not correct? A typical production possibilities curve:
A) indicates how much of two products a society can produce.
B) reveals how much each additional unit of one product will cost in terms of the other product.
C) specifies how much of each product society should produce.
D) indicates that to produce more of one product society must forgo larger and larger amounts of the other product.
Production Possibilities Curve
An illustrative chart that depicts the optimal mix of two goods or services that can be produced by an economy when it fully and efficiently employs all available resources.
Society's Production
The total output of goods and services produced by all sectors within a society or economy.
- Determine the significance of opportunity costs within the context of making economic decisions and allocating resources.
- Understand the law of increasing opportunity costs as illustrated by the curvature of the production possibilities frontier.
Verified Answer
NT
Learning Objectives
- Determine the significance of opportunity costs within the context of making economic decisions and allocating resources.
- Understand the law of increasing opportunity costs as illustrated by the curvature of the production possibilities frontier.
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