Which of the following statements is NOT true regarding the production function and the production possibilities curve?
Posted: Wed Jul 06, 2022 6:23 pm
Which of the following statements is NOT true regarding theproduction function and the production possibilities curve?
a. Both the production function and the production possibilitiescurve maximise the amount of output attainable.
b. The production function describes the capacity of a singlefirm, whereas the production possibilities summarises the outputcapacity of the entire economy.
c. A production function tells us the maximum amount of outputattainable from the use of all resources.
d. The production possibilities curve expresses the ability toproduce various combinations of goods given the use of allresources
a. Both the production function and the production possibilitiescurve maximise the amount of output attainable.
b. The production function describes the capacity of a singlefirm, whereas the production possibilities summarises the outputcapacity of the entire economy.
c. A production function tells us the maximum amount of outputattainable from the use of all resources.
d. The production possibilities curve expresses the ability toproduce various combinations of goods given the use of allresources