Question

the following is a production possibility

Answer 1

production possibility

Definition of 'Production Possibility Frontier'

Definition: Production possibility frontier is the graph which indicates the various production possibilities of two commodities when resources are fixed. The production of one commodity can only be increased by sacrificing the production of the other commodity. It is also called the production possibility curve or product transformation curve.

Description: The state of technology is taken to be constant. Since the production of one commodity can be increased only by decreasing the production of the other commodity, production possibility curve also measures the production efficiency of the commodities. The production possibility frontier helps in deciding the commodities most beneficial to society, but this response is limited in itself as there is a choice between two commodities only.

Answer 2

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production–possibility frontier or production possibility curve is a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technology/a ..