The production possibility curve can be used to explain t...
The production possibility curve can be used to explain the underlying concepts of
Scale of preference and choice
Opportunity cost and choice
Wants and means
Opportunity cost and scale of preference
Correct answer is B
The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. It explains the concept of opportunity cost and choice, where an alternative is given up when a choice (the decision made about the use of scarce resources).
PN equals average revenue or marginal revenue cure of ...
Economic growth can be accelerated through ...
A rightward shift in the supply curve of a commodity is brought about by an increase in ...
Which of the following are not agents of distribution ...
The World Trade Organization is responsible for ...
If a total cost curve is plotted, marginal cost can be illustrated by the ...
Taxes levied on locally manufactured goods are called ...
Which of the following is NOT an internal dis-economy of scales? ...