give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve? a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable. b. The production function describes the capacity of a single firm, whereas the production possibilities summarises the output capacity of the entire economy. c. A production function tells us the maximum amount of output attainable from the use of all resources. d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources
give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve? a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable. b. The production function describes the capacity of a single firm, whereas the production possibilities summarises the output capacity of the entire economy. c. A production function tells us the maximum amount of output attainable from the use of all resources. d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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give 1 of the following statements that is NOT true regarding the production function and the
a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable.
b. The production function describes the capacity of a single firm, whereas the production possibilities summarises the
output capacity of the entire economy.
c. A production function tells us the maximum amount of output attainable from the use of all resources.
d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of all
resources
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