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Production Possibility Frontier Video Lecture | Microeconomics- Interaction between individual buyer-seller
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41 videos|12 docs|7 tests
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FAQs on Production Possibility Frontier Video Lecture - Microeconomics- Interaction between individual buyer-seller
| 1. What is a production possibility frontier? |  |
Ans. A production possibility frontier (PPF) is a graphical representation of all possible combinations of goods and services that an economy can produce given its limited resources and technological capabilities.
| 2. How is a production possibility frontier determined? | |
Ans. A production possibility frontier is determined by factors such as the availability of resources, the level of technology, and the efficiency of resource allocation. It shows the maximum potential output of one good or service given the level of production of another.
| 3. What does a point inside the production possibility frontier represent? | |
Ans. A point inside the production possibility frontier represents an inefficient use of resources. It indicates that the economy is not utilizing its resources to their full potential, leading to a lower level of output than what is achievable.
| 4. What does a point outside the production possibility frontier represent? | |
Ans. A point outside the production possibility frontier represents an unattainable combination of goods and services. It suggests that the economy does not have the necessary resources or technology to produce at that level.
| 5. How can a production possibility frontier shift? | |
Ans. A production possibility frontier can shift due to changes in resource availability, technological advancements, or improvements in resource allocation efficiency. For example, if a country discovers new oil reserves, its production possibility frontier for oil-related products may shift outward, allowing for increased production.
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Dec 22, 2024 Last updated |
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