Multiple Choice
Which of the following is one of the simplifying assumptions made in constructing a production possibilities curve?
A) The state of technology is constantly changing.
B) A wide variety of products are produced.
C) Resources are fully employed and are used in least-cost methods of production.
D) Quantities of available resources in the economy vary as we move from one point on the curve to another.
Correct Answer:
Verified
Correct Answer:
Verified
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