Select the correct answer.
What does a production possibilities curve represent?
which are often p
GOA. a combination of price and demand of goods and services
O B.
○ C.
a combination of the goods produced before and after a change in a factor of production
a combination of two factors of production used to produce a single good or service
O D.
a combination of two goods that can be produced using limited resources

Question

yesseniag2004 yesseniag2004

04-05-2024
Geography

Answered

Select the correct answer.
What does a production possibilities curve represent?
which are often p
GOA. a combination of price and demand of goods and services
O B.
○ C.
a combination of the goods produced before and after a change in a factor of production
a combination of two factors of production used to produce a single good or service
O D.
a combination of two goods that can be produced using limited resources

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-04T15:30:17-04:00

The correct answer is: D. a combination of two goods that can be produced using limited resources Explanation: - A production possibilities curve (PPC) represents the different combinations of two goods or services that can be produced by an economy given its limited resources. - It shows the trade-off between producing one good over another due to scarcity of resources. - The curve illustrates the concept of opportunity cost, where producing more of one good means producing less of another. - Points along the curve are considered efficient as they fully utilize the available resources, while points inside the curve are inefficient, and points outside the curve are unattainable with the current resources. - Changes in the curve can occur due to factors such as technological advancements, increased resources, or changes in efficiency.