Responses
The slope represents the level of efficiency in production.
The slope represents the level of efficiency in production.
The slope represents the number of factors of production required to produce the goods.
The slope represents the number of factors of production required to produce the goods.
The slope represents the opportunity cost of producing one good instead of the other.
The slope represents the opportunity cost of producing one good instead of the other.
If the slope is greater than one, then production is being maximized, and if the slope is less than one, then production is not maximized.
If the slope is greater than one, then production is being maximized, and if the slope is less than one, then production is not maximized.
1 answer
The correct response is:
The slope represents the opportunity cost of producing one good instead of the other.
In a production possibilities curve (PPC), the slope indicates how much of one good must be forgone to produce an additional unit of another good, which is the concept of opportunity cost.
