Question : The curve gives the maximum amount of corn produced in the economy for any given amount of cotton and vice-versa. This curve is called the _____.
Option 1: Total revenue curve
Option 2: Indifference curve
Option 3: Production Possibility Frontier
Option 4: Demand curve
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Correct Answer: Production Possibility Frontier
Solution : The correct option is the Production Possibility Frontier .
The curve giving the maximum amount of corn that can be produced in the economy for any given amount of cotton and vice-versa is called the Production Possibility Frontier (PPF) or Transformation Curve. It represents the trade-off between producing two goods, illustrating the economy's efficient resource allocation.
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Question : Which of the following statements is correct regarding the production possibility frontier?
I. It gives the combinations between two goods that can be produced when the resources of the economy are fully utilised.
II. It illustrates the production possibilities
Question : Directions: Study the graph carefully and answer the following questions. Which of the following statement is false?
Question : "Marginal cost" equals:
Question : Identify the incorrect equation.
Question : Which of the following statements is correct regarding the demand curve? I. It is a graphical representation of the demand function. II. It gives the quantity demanded by the consumer at each price.
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