Upon what specific assumptions is this production possibilities curve based?

a. Investment, entrepreneurial ability, and full employment
b. Land, full employment, fixed technology, and two goods
c. Full employment, fixed supplies of resources, fixed technology, and two goods
d. Land, labor, capital, and entrepreneurial ability

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Garima MenonLv7

27 Jan 2021

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A production possibilities curve is drawn based on which of the following assumptions?

a. Resources are fixed and fully employed, and technology advances at the rate of growth of the economy overall.
b. Resources such as nonrenewable resources will decline, but labor remains fully employed, and technology is unchanged.
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e. None of the above answers is correct.

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