Question

Production possibilities frontiers are usually bowed outward. This is because a. b. the more resources a society uses to produce one good, the fewer resources it has available to produce another good. it reflects the fact that the opportunity cost of producing a good decreases as more and more of that good is produced. of the effects of technological change. d.) resources are specialized; that is, some are better at producing particular goods rather 6 Pf . cost than other goods.

Answer 1

Correct option is D, Production possibilities frontiers are usually bowed outward. This is because resources are specialized; that is, some are better at producing particular goods rather 6 Pf . cost than other goods.

The Production Possibility Frontier (PPF): What Is It?

The production possibility frontier (PPF) is a curve on a graph that depicts the potential output of two goods whose production is dependent on the same limited resource. Another name for the PPF is the production possibility curve.

PPF is important in economics as well. For instance, it can show that a country's economy has achieved the maximum level of effectiveness.

Opportunity cost in the production of commodities is what is lost when resources are diverted from one product to another. A curve on a graph depicts the amount that can be produced to its maximum.

The production possibility frontier (PPF), which depicts impossibly unlikely events, is above the curve

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