Economy: Production possibilities frontier Multiple answer can be chosen Which o

Question

Economy: Production possibilities frontier

Multiple answer can be chosen

Which of the following are true for the points along the production possibilities frontier (PPF)? controlDEL The PPF demonstrates the maximum that can be produced with a given set of resources. controlDEL The PPF demonstrates the maximum that can be consumed with a given set of resources and no outside trade. controlDEL The PPF demonstrates the maximum consumption possibilities when trade is allowed. controlDEL The PPF demonstrates the production possibilities given various resource levels

Explanation / Answer

First and last statement are correct.

Second and third talk about consumption possibility frontier.

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