an economy produces two goods: x and y. its production possibilities curve is linear with the intercept on the y axis at 1,000 units and the intercept on the x axis at 100 units. which of the following statements is correct?

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06-12-2022
Business

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an economy produces two goods: x and y. its production possibilities curve is linear with the intercept on the y axis at 1,000 units and the intercept on the x axis at 100 units. which of the following statements is correct?

Sagot :

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Tutorconsortium122idn Tutorconsortium122idn · Answer 1 · 2022-12-12T23:50:45-05:00

The Correct Statement is the intercept on the x axis at 100 units.

The Production Possibilities Curve:

The factors of production in an economy are limited; they are unable to provide an endless supply of products and services. A production possibilities curve illustrates the various combinations of goods and services that a country's economy is capable of producing.
The production possibilities model is illustrated by it. In order to create the production possibilities curve, we will make the assumptions that the economy can only manufacture two types of items and that the amounts of the available technology and production factors are fixed.
According to economists, an economy has a comparative advantage in producing a good or service if it has a lower opportunity cost than any other economy to do so.

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Sagot :

The Production Possibilities Curve:

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