What does each point on a production possibilities curve represent?
Efficiency in production
The maximum potential output for a combination of two final goods and services
An attainable combination of goods that can be produced given unlimited resources
Inefficiency in production

Question

12-05-2024
Business

Answered

What does each point on a production possibilities curve represent?
Efficiency in production
The maximum potential output for a combination of two final goods and services
An attainable combination of goods that can be produced given unlimited resources
Inefficiency in production

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-12T13:46:10-04:00

Final answer:

Points on the production possibilities curve represent efficiency in production and the maximum potential output for a combination of goods and services.

Explanation:

Points on the production possibilities curve represent efficiency in production and the maximum potential output for a combination of two final goods and services. The curve shows how an economy can produce efficiently given its resources. If factors are idle or inefficiently allocated, the economy operates inside the curve, indicating inefficiency.

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What does each point on a production possibilities curve represent?Efficiency in productionThe maximum potential output for a combination of two final goods and servicesAn attainable combination of goods that can be produced given unlimited resourcesInefficiency in production

Answer :

Final answer:

Explanation:

Learn more about Production possibilities curve here:

Other Questions

What does each point on a production possibilities curve represent?
Efficiency in production
The maximum potential output for a combination of two final goods and services
An attainable combination of goods that can be produced given unlimited resources
Inefficiency in production