In constructing a production possibilities curve, all of the following are assumed EXCEPT
A) resources are fully employed.
B) the quantity and quality of resources being used is fixed.
C) the state of technology is improving.
D) the time period involved is fixed.
C
Economics
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The minimum point of a U-shaped curve,
A) is a point where the variable is neither increasing nor decreasing. B) has a slope equal to zero. C) has the maximum slope possible. D) Both answers A and B are correct. E) Both answers A and C are correct.
Economics
Why is time such an important determinant in the elasticity of supply? Is time also important in determining price elasticity of demand? Explain
What will be an ideal response?
Economics