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23 September, 17:43

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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Answers (1)
  1. 23 September, 19:03
    0
    C. Full employment, fixed supplies of resources, fixed technology, and two goods

    Explanation:

    Production Possibility curve: It is a curve that shows all possible combinations to the amounts of the two goods that can be produced with the available resources and technology.

    In simple words, all resources which are used to produce the possible combinations are called full employment. Thus, these specific assumptions plays vital role in production possibilities curve.

    So, A, B, and the D are incorrect options.
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