Question : Assumptions for Production Possibility Curve is/are:
Option 1: The amount of resources in an economy is fixed
Option 2: With the help of given resources, only two goods can be produced
Option 3: Resources are not fully equally efficient in production of all products.
Option 4: All of the above
Answer (1)
21st Jan, 2024
Correct Answer: All of the above
Solution :
The following are the assumptions are:
(a) The amount of resources in an economy is fixed,
(b) With the help of given resources, only two goods can be produced,
(c) Resources are not fully equally efficient in production of all products.
Hence, the correct option is 4.
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