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Question
What is meant by production possibility curve?
What is meant by production possibility curve?
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Solution
Production possibility
curve shows all different attainable combinations of the production of two
commodities that can be produced in an economy with given the resources and
technology which are constant and fully utilized in the production process.
Production possibility curve shows all different attainable combinations of the production of two commodities that can be produced in an economy with given the resources and technology which are constant and fully utilized in the production process.
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