30 Oct 2021
Problem 20
Page 44
Section: CRITICAL THINKING QUESTIONS
Chapter 2: Choice in a world of scarcity
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30 Oct 2021
Introduction
The production possibility frontier shows all possible combinations of two goods that can be efficiently produced with the full utilization of all the given and scarce resources in an economy within a specified time period. It is assumed in the case of PPF that there are only two goods to be produced in the society by using the same resources and the production techniques and technology are given and constant within that period of time.
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