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How does a production possibility chart assist in outlining opportunity cost?
It compares profit potential of one product to another.
It compares production cost of one product to another.
It compares production numbers of one product to another.
It compares consumer demand of one product to another.
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It compares production numbers of one product to another.
Explanation: A production possibilities chart (PPF) shows trade-offs between quantities of two goods that an economy can produce. The slope (or movement along the curve) measures the opportunity cost—the amount of one good that must be given up to produce more of the other.
Explanation: A production possibilities chart (PPF) shows trade-offs between quantities of two goods that an economy can produce. The slope (or movement along the curve) measures the opportunity cost—the amount of one good that must be given up to produce more of the other.
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