explain production possibility curve?
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a curve depicting all maximum output possibilities for two goods is known as production possibility curve.
it shows the production efficiency and allocation possibilities of the economy for a given level of resources.
it shows the production efficiency and allocation possibilities of the economy for a given level of resources.
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hiii A graphical representation of the alternative combinations of the amounts of two goods or services that an economy can produce by transferring resources from one good or service to the other. This curve helps in determining what quantity of a nonessential good or a service an economy can afford to produce without jeopardizing the required production of an essential good or service. Also called transformation curve.
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