Get detailed and accurate answers to your questions on IDNLearn.com. Find reliable solutions to your questions quickly and accurately with help from our dedicated community of experts.
The only way that a society can produce outside the production possibilities curve is
Part 2
A.
to use the concept of opportunity cost.
B.
through economic growth.
C.
by obeying the Law of Increasing Relative Cost.
D.
by producing efficiently.
Outward or inward shifts in the PPF can be driven by changes in the total amount of available production factors or by advancements in technology. If the total amount of production factors like labor or capital increases, then the economy is able to produce more goods at any point along the frontier.
The answer is d. If you produce efficiently (in other words, producing goods with appropriate labour force since a good labour force consists of appropriate knowledge of a certain field of that product and appropriate number of labour.) a society can produce outside the production possibilities curve.
Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! For clear and precise answers, choose IDNLearn.com. Thanks for stopping by, and come back soon for more valuable insights.
