ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economic pricing models
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production possibilities
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government policies
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generalizations about consumer behavior
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Detailed explanation-1: -You can analyze the curve to determine an ideal production output for your organization. For instance, if the point (100, 200) falls on the curve, producing 100 X-axis units and 200 y-axis units would help increase efficiency.
Detailed explanation-2: -The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions.
Detailed explanation-3: -The allocation of resources by entrepreneurs across different businesses and production processes is determined by the profits they hope to make by producing output that their customers will value beyond what the entrepreneurs paid for the inputs.
Detailed explanation-4: -Answer and Explanation: The correct answer is c) An economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier.