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Define and describe the production possibilities frontier model.
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- Which of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the aboveRefer to the figure above. Based on the shape of the production possibilities frontier, we can assume that ______.Define Production possibility frontier (PPF). What is the impact on PPF if the economy grows.
- Under what conditions is the production possibilities frontier linear rather than bowed out?Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.Why does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.