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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