Answered: Every point on the production…

Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demand

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section2.6: Sources Of Economic Growth

Problem 1YTE

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Question

Every point on the production possibilities curve represents?

a. a greater increase in supply

b. an efficient use of rescources

c. an inefficient use of resources

d. a greater increase in demand

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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