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Isoquants

State any one...

Question

State any one assumption for the construction of the curve that shows the possibilities of potential production of two goods in an economy.

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Solution

Increasing marginal opportunity cost or any other valid assumption

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Similar questions

Q. Assuming that no resource is equally efficient in production of all goods, name the curve which shows production potential of the economy. Explain, giving reasons, its properties.

Name the situation reflected by an economy which produces a combination of goods that lie below its production possibility curve.

If an economy is operating inside the PPC, it is possible to increase the production of Good -

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without any decrease in the production of Good -

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Q. Which of the following is an important message that a production possibility curve conveys about an economy?

State the assumptions made while determining the production possibility curve.

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