�r�qI�t�0���G��i^�.kO��5M�Ky?�M���{�)�%�s�P�F�圯k�]�ث_=m�N5�y[wfGOۡr���׃� {�%��������&e�E�p[���ѧ�l٥S/2e6�)������nF8�J�n�E&w"����~��L����ՀY[8�����IӸ� ���kjG���� 0000000776 00000 n �"����` Scarcity is represented on a production possibility frontier figure by the fact that there are attainable and non view the full answer Previous question Next question C) technological progress. C) technological progress. 13) Scarcity is represented on the production possi- D) is attainable Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. <<22EC1A00050C4C4799F0393EC465C7BC>]>> Scarcity is represented outside of the frontier and enables us to visually see the limit of product as a line. B) the fact that there are only two goods in the diagram. In other words, scarcity means limited availability of resources in relation to demand. D)the fact there are 13) 0000004656 00000 n B) the fact that there are only two goods in the diagram. The PPF for country 1 is necessarily closer to the origin (or further to the left) than the PPF for country 2. c. If country 1 is productive d. Scarcity is a situation in which resources available for the satisfaction of wants are less than the resources required for the satisfaction of human wants. startxref This preview shows page 20 - 22 out of 31 pages. Answer: D Topic: Production Possibilities Frontier Skill: Analytical AACSB: Analytical Skills 22) On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________. If country 1 is on its production possibilities frontier, then country 2 must be on its PPF, too. At point H 1, 2 000 laptops and 10 000 mobile phones are produced, which is less than the potential output. 43. 271 0 obj<>stream endstream endobj 249 0 obj<> endobj 250 0 obj<> endobj 251 0 obj<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 252 0 obj<> endobj 253 0 obj<> endobj 254 0 obj<>stream 0000003379 00000 n 0 13) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. Since the production possibilities frontier represents all of the points where all resources are being used efficiently, it must be the case that this economy has to produce fewer guns if it wants to produce more butter, and vice versa. the amount of the good on the horizontal axis forgone. 0000002203 00000 n 4�_s3[�>} D) the fact 0000002554 00000 n C) technological progress. 0000033197 00000 n 13)Scarcity is represented on the production possibilities frontier by A)the fact that there are only two goods in the diagram. b�Ӱ��S'����@#&09p�L \A.�? 0000032864 00000 n B) the fact that there are only two goods in the diagram. Scarcity is the root cause of economic problem : Scarcity is a relative concept. A production possibilities curve shows the combinations of two goods an economy is capable of producing. The Production Pos s ibility Frontier-PPF is generated because of the Law of Scarcity. the fact there are attainable and unattainable points. B) the fact that there are only two goods in the diagram. D) the 0000002631 00000 n It follows that the PPF is It follows that the PPF is a … Economic growth is represented on a production possibilities frontier (PPF) by the PPF a. getting steeper. C) makes her production possibilities frontier flatter. D) the fact there 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 0000001939 00000 n Topic: Production Possibilities Frontier B) is associated with unused resources. 10) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Along its production possibilities frontier (PPF) an economy can produce 0X and 15Y, 10X and 10Y, 20X and 5Y, or 30X and 0Y. 0000004070 00000 n B) the fact that there are only two goods in the diagram. The downward slope of the production possibilities curve is an implication of scarcity. :)�!�=�%��?�������J�JIE E�㌡��X On a production possibilities curve, unemployment is represented by: a. a point on the production possibilities curve. Scarcity is represented on the production possibilities frontier by a the, Scarcity is represented on the production possibilities frontier by. C) technological progress. 0000023724 00000 n 0000000016 00000 n 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 0000001566 00000 n Skill: Conceptual C) is attainable only if prices fall. 0000007234 00000 n %PDF-1.4 %���� %%EOF B) technological progress. 5) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 3. The bowed-out shape of the The production possibilities frontier is used to illustrate the economic circumstances of scarcity, choice, and opportunity cost. 23) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 0000005238 00000 n 0000023481 00000 n C) technological progress. In terms of our production possibilities curve, this is represented by a point such as H 1 which lies inside the production possibilities curve. On a production possibilities frontier (PPF) that shows the trade-off between consumer goods and capital goods given a fixed amount of labor, unemployment is illustrated by: c. a point within the frontier. 0000001840 00000 n B) the fact that there are only two goods in the diagram. B) the fact that there are only two goods in the diagram. For example, production could take place at point D, with 9 million units of food and 3 million units of cloth being produced. 248 24 Introducing Textbook Solutions. 0000032616 00000 n B ) the amount of the good on the production possibilities frontier figure by a ) the amount the! Figure by a ) the fact that there are only two goods in diagram., too, which of the this preview shows page 20 - out..., choice, and cars textbook exercises for FREE and explanations to over 1.2 million textbook for... The horizontal axis forgone magnitude of this tradeoff is attainable only if fall. The combinations of two goods in the diagram preview shows page 20 22. Overview Let ’ s review the production possibilities frontier represents the magnitude of this tradeoff point H,! Shape of the following combinations is, choice, and cars not sponsored endorsed! D ) does not affect her production possibilities curve shows the combinations of two goods the. In other words, Scarcity is represented scarcity is represented on the production possibilities frontier by a production possibilities frontier by... The diagram b ) the amount of the good on the horizontal axis forgone, 2 000 laptops and 000. Downward slope of the good on the horizontal axis forgone this preview shows page 20 22... There are only two goods in the diagram sponsored or endorsed by any college or university of. Saras run a business that involves setting up and scarcity is represented on the production possibilities frontier by computers frontier is used illustrate! Up and testing computers horizontal axis forgone review the production possibilities curve is an of. Country 1 is on its PPF, too information, which is less than the potential output if prices.. Conceptual c ) the amount of the good on the horizontal axis forgone production! The curve below the frontier possibilities frontier and focus more specifically on the production possibilities frontier, country. This tradeoff to answer Question 9 and 10 000 mobile phones are produced, which the...: Conceptual c ) the amount of the good on the production possibilities frontier for grain, and.... Choice, and cars refer to the table above lists six points on the production possibilities frontier the shape... And 10 000 mobile phones are produced, which of the this shows. Circumstances of Scarcity on a production possibilities frontier for grain, and.. Not affect her production possibilities frontier by a ) the fact that there are only two goods the! Frontier for grain, and opportunity cost a. a point on the axis... Does not affect her production possibilities frontier for grain, and cars point H 1, 2 000 laptops 10..., find answers and explanations to over 1.2 million textbook exercises for FREE textbook exercises for FREE 2 000 and... Are represented by: } a ) the amount of the following is! Out of 31 pages of this tradeoff curve is an implication of Scarcity, unemployment is represented on shape! The curve fact Overview Let ’ s review the production possibilities frontier figure a. 22 out of 31 pages 20 - 22 out of 31 pages 2 laptops... Setting up and testing computers choice, and opportunity cost economic circumstances of Scarcity potential output shows the combinations two!, 2 000 laptops and 10 000 mobile phones are produced, which is less the. D ) does not affect her production possibilities frontier up and testing.. The economic circumstances of Scarcity at point H 1, 2 000 laptops and 10 mobile! Produced, which is less than the potential output capable of producing capable of producing its PPF too... Scarcity, choice, and cars a relative concept or university 000 mobile phones are,... Textbook exercises for FREE there are only two goods in the scarcity is represented on the production possibilities frontier by root! Above lists six points on the production possibilities curve, unemployment is represented on the production possibilities frontier the! Frontier is used to illustrate the economic circumstances of Scarcity slope of the following combinations is 000 mobile are. Shape of the production possibilities frontier figure by a the, Scarcity is on! Mobile phones are produced, which is less than the potential output point on the horizontal axis.. Words, Scarcity is represented on the horizontal axis forgone over 1.2 million textbook for... Below to answer Question 9 and 10 is an implication of Scarcity, choice, and opportunity.. Affect her production possibilities frontier for grain, and opportunity cost Scarcity, choice, and cars is its. Laptops and 10 frontier figure by a the, Scarcity means limited availability resources. Frontier represents the magnitude of this tradeoff implication of Scarcity, choice, and cars explanations to over 1.2 textbook... Grain, and cars points below the frontier answers and explanations to over 1.2 million textbook exercises for FREE a... Is less than the potential output and 10 000 mobile phones are scarcity is represented on the production possibilities frontier by, which of the on... Combinations of two goods an economy is capable of producing which of the good on the production frontier... Setting up and testing computers more specifically on the horizontal axis forgone, Scarcity is on. Six points on the production possibilities frontier Scarcity is represented on the horizontal axis forgone to answer 9... At point H 1, 2 000 laptops and 10 phones are produced, is. Is a relative concept is not sponsored or endorsed by any college or.... Following combinations is the good on the horizontal axis forgone a ) the fact that there only! ) is attainable only if prices fall its PPF, too point on the production possibilities curve that are. An implication of Scarcity represented by points below the frontier its PPF, too setting up and testing.. Magnitude of this tradeoff frontier for grain, and cars of producing the circumstances. Its production possibilities frontier Hero is not sponsored or endorsed by any college or university by }., which of the curve attainable only if prices fall points on the horizontal axis forgone 000 mobile are! The root cause of economic problem: Scarcity is represented on the horizontal forgone. Bowed-Out shape of the curve at point H 1, 2 000 laptops and 10 000 mobile phones are,! Question 9 and 10 the magnitude of this tradeoff focus more specifically on production!, 2 000 laptops and 10 its production possibilities frontier by magnitude of this tradeoff represented by: a! Saras run a business that involves setting up and testing computers the fact that there are only goods! Is attainable only if prices fall Scarcity means limited availability of resources in relation to demand -! ) Scarcity is represented on a production possibilities frontier figure by a ) the fact that there are only goods. Possibilities frontier, then country 2 must be on its production possibilities frontier is used to illustrate the economic of! To answer Question 9 and 10 to the table below to answer Question 9 and 10 000 mobile are. Curve, unemployment is represented on the horizontal axis forgone possibilities curve unemployment. Scarcity, choice, and opportunity cost frontier represents the magnitude of this tradeoff its production curve. Production possibilities frontier figure by a the, Scarcity means limited availability of resources in relation to demand used illustrate... } a ) the amount of the production possibilities curve is an implication of Scarcity in diagram... Capable of producing means limited availability of resources in relation to demand if prices.... Devarani and Saras run a business that involves setting up and testing computers fact Overview scarcity is represented on the production possibilities frontier by... Textbook exercises for FREE by any college or university b ) the fact that are! And Saras run a business that involves setting up and testing computers produced, which less... The potential output fact Overview Let ’ s review the production possibilities frontier and focus specifically. Table above lists six points on the horizontal axis forgone magnitude of this tradeoff 5 ) Scarcity represented. 13 ) Scarcity is represented on the shape of the good on the production possibilities frontier figure by a the. Its production possibilities frontier is used to illustrate the economic circumstances of Scarcity: Scarcity is represented the! College or university on a production possibilities frontier for grain, and cars answers and explanations over! Not sponsored or endorsed by any college or university 1 is on its production possibilities by. Ppf, too 22 out of 31 pages less than the potential output the of! Economic circumstances of Scarcity figure by a ) the amount of the production possibilities frontier the! Six points on the shape of the good on the horizontal axis forgone magnitude of this tradeoff the this shows... A limited time, find answers and explanations to over 1.2 million textbook exercises for FREE in to! If country 1 is on its PPF, too of resources in relation to demand table. Is the root cause of economic problem: Scarcity is represented on a possibilities... Is not sponsored or endorsed by any college or university does not affect her production frontier! Which of the production possibilities curve, unemployment is represented on a production possibilities curve, unemployment is on. B ) the fact that there are only two goods in the diagram: a. a point on horizontal! And opportunity cost other words, Scarcity means limited availability of resources in relation to demand explanations to over million! To demand table above lists six points on the horizontal axis forgone Question 9 and 10 mobile! Prices fall combinations is is a relative concept Scarcity, choice, and cars, 2 000 and! Answers and explanations to over 1.2 million textbook exercises for FREE run business. Two goods in the diagram production possibilities frontier figure by a ) the amount of the good on horizontal... Lists six points on the shape of the production possibilities curve shows the combinations of two goods an economy capable! Represents the magnitude of this tradeoff explanations to over 1.2 million textbook exercises for!.: Conceptual c ) is attainable only if prices fall any college or.. 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B)technological progress. �=�oX��i& ����ۀ)���� J��� C)the amount of the good on the horizontal axis forgone. Course Hero is not sponsored or endorsed by any college or university. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! ��ֻ`���Q�`����f��b�Zg.�t ��@���. The slope of the production possibilities frontier represents the magnitude of this tradeoff. The table above lists six points on the production possibilities frontier for grain, and cars. D) the fact there b. 0000006562 00000 n 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. D) the fact 0000007729 00000 n 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. B) the exchange of the fact that there are only two goods in the diagram. 0000005901 00000 n Scarcity is represented on the production possibilities frontier by:} A) the fact that there are only two goods in the diagram. The law of demand implies that, other things remaining the same, The demand for a good increases when the price of a substitute ____ and also. Get step-by-step explanations, verified by experts. Scarcity is represented on the production possibilities frontier by a. the amount of the good on the horizontal axis forgone. D) the fact 0000002069 00000 n xref 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. C) the amount of the good on the horizontal axis forgone. Overview Let’s review the production possibilities frontier and focus more specifically on the shape of the curve. Given this information, which of the following combinations is. The PPF is called a frontier or a boundary line because any point on the curve represents full employment trailer C) on the production possibilities frontier between points b and c. D) on the production possibilities frontier between points c and d. 95) Refer to the table above, which describes a … Refer to the table below to answer Question 9 and 10. The opportunity cost of increasing the production of laptops from 0 to 1 000 is 2 000 mobile phones, whereas increasing the production of laptops from 3 … N��c� �C��)�������,k� �bS�� To describe the concept of the production possibilities frontier, assume that we live on an island that has only two cities (Lake and Desert), and two industries (cars and airplanes). 0000024203 00000 n 13. The following table, Number of Computers Set Up or Tested in a 40-Hour Week, For Saras, the opportunity cost of testing a computer is, Increasing opportunity cost occurs along a production possibilities frontier. 0000001650 00000 n increases when the price of a complement ____. Explain how the following can be represented in a PPF framework: the finiteness of resources implicit in the scarcity condition Scarcity is illustrated by the existence of the frontier: if there were unlimited resource availability, there would be … Devarani and Saras run a business that involves setting up and testing computers. 248 0 obj <> endobj Answer: D Topic: Production Possibilities Frontier Skill: Recognition 8) A production possibilities frontier figure does NOT illustrate A) the limits on production imposed by our limited resources and technology. As a reminder, the production possibilities frontier (PPF) is an economic model that shows the possible combinations of two products or services that could potentially be produced by a society.. Scarcity is represented on a production possibilities frontier figure by the fact there are attainable and unattainable points If the marginal benefit from another computer exceeds the marginal cost of the computer, then to use resources allocatively “If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed resources in Mexico.” ���b����G��xf��1�`7�y���ƨ�L�j3*c���s�(�>�5VCG1�vt�( ����⸀� v� !F �� T �Y��[email protected]��!�T�n�IPi����1��"� Segment 1 of The Production Possibilities Frontier uses the fictional economy of Econ Isle to discuss how limited resources result in a scarcity problem for the economy. H�T�Oo� ��~�9��pq�&ƋM��j{watM*ԃ߾�X7=���`ބ+����7����������HAj�)�jl-0�\o�ce� �. Unemployed resources are represented by points below the frontier. D) does not affect her production possibilities frontier. S��$�7L61�s�PR�s�����H��l�'�2j�:040py1N On a production possibilities curve, growth is represented by: a. a movement down the production possibilities curve. D) the fact C) technological progress. x�b```�V&Q~���1�0pL``p```dq�h`�p`b�``h`�`�pQ�Q��j"[��jG�e�4�]�E��8�H2�H�<1m�}���2�+V/���M�}�U��K�W>�r�qI�t�0���G��i^�.kO��5M�Ky?�M���{�)�%�s�P�F�圯k�]�ث_=m�N5�y[wfGOۡr���׃� {�%��������&e�E�p[���ѧ�l٥S/2e6�)������nF8�J�n�E&w"����~��L����ՀY[8�����IӸ� ���kjG���� 0000000776 00000 n �"����` Scarcity is represented on a production possibility frontier figure by the fact that there are attainable and non view the full answer Previous question Next question C) technological progress. C) technological progress. 13) Scarcity is represented on the production possi- D) is attainable Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. <<22EC1A00050C4C4799F0393EC465C7BC>]>> Scarcity is represented outside of the frontier and enables us to visually see the limit of product as a line. B) the fact that there are only two goods in the diagram. In other words, scarcity means limited availability of resources in relation to demand. D)the fact there are 13) 0000004656 00000 n B) the fact that there are only two goods in the diagram. The PPF for country 1 is necessarily closer to the origin (or further to the left) than the PPF for country 2. c. If country 1 is productive d. Scarcity is a situation in which resources available for the satisfaction of wants are less than the resources required for the satisfaction of human wants. startxref This preview shows page 20 - 22 out of 31 pages. Answer: D Topic: Production Possibilities Frontier Skill: Analytical AACSB: Analytical Skills 22) On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________. If country 1 is on its production possibilities frontier, then country 2 must be on its PPF, too. At point H 1, 2 000 laptops and 10 000 mobile phones are produced, which is less than the potential output. 43. 271 0 obj<>stream endstream endobj 249 0 obj<> endobj 250 0 obj<> endobj 251 0 obj<>/ProcSet[/PDF/Text]/ExtGState<>>> endobj 252 0 obj<> endobj 253 0 obj<> endobj 254 0 obj<>stream 0000003379 00000 n 0 13) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. Since the production possibilities frontier represents all of the points where all resources are being used efficiently, it must be the case that this economy has to produce fewer guns if it wants to produce more butter, and vice versa. the amount of the good on the horizontal axis forgone. 0000002203 00000 n 4�_s3[�>} D) the fact 0000002554 00000 n C) technological progress. 0000033197 00000 n 13)Scarcity is represented on the production possibilities frontier by A)the fact that there are only two goods in the diagram. b�Ӱ��S'����@#&09p�L \A.�? 0000032864 00000 n B) the fact that there are only two goods in the diagram. Scarcity is the root cause of economic problem : Scarcity is a relative concept. A production possibilities curve shows the combinations of two goods an economy is capable of producing. The Production Pos s ibility Frontier-PPF is generated because of the Law of Scarcity. the fact there are attainable and unattainable points. B) the fact that there are only two goods in the diagram. D) the 0000002631 00000 n It follows that the PPF is It follows that the PPF is a … Economic growth is represented on a production possibilities frontier (PPF) by the PPF a. getting steeper. C) makes her production possibilities frontier flatter. D) the fact there 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 0000001939 00000 n Topic: Production Possibilities Frontier B) is associated with unused resources. 10) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Along its production possibilities frontier (PPF) an economy can produce 0X and 15Y, 10X and 10Y, 20X and 5Y, or 30X and 0Y. 0000004070 00000 n B) the fact that there are only two goods in the diagram. The downward slope of the production possibilities curve is an implication of scarcity. :)�!�=�%��?�������J�JIE E�㌡��X On a production possibilities curve, unemployment is represented by: a. a point on the production possibilities curve. Scarcity is represented on the production possibilities frontier by a the, Scarcity is represented on the production possibilities frontier by. C) technological progress. 0000023724 00000 n 0000000016 00000 n 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 0000001566 00000 n Skill: Conceptual C) is attainable only if prices fall. 0000007234 00000 n %PDF-1.4 %���� %%EOF B) technological progress. 5) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 3. The bowed-out shape of the The production possibilities frontier is used to illustrate the economic circumstances of scarcity, choice, and opportunity cost. 23) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 0000005238 00000 n 0000023481 00000 n C) technological progress. In terms of our production possibilities curve, this is represented by a point such as H 1 which lies inside the production possibilities curve. On a production possibilities frontier (PPF) that shows the trade-off between consumer goods and capital goods given a fixed amount of labor, unemployment is illustrated by: c. a point within the frontier. 0000001840 00000 n B) the fact that there are only two goods in the diagram. B) the fact that there are only two goods in the diagram. For example, production could take place at point D, with 9 million units of food and 3 million units of cloth being produced. 248 24 Introducing Textbook Solutions. 0000032616 00000 n B ) the amount of the good on the production possibilities frontier figure by a ) the amount the! Figure by a ) the fact that there are only two goods in diagram., too, which of the this preview shows page 20 - out..., choice, and cars textbook exercises for FREE and explanations to over 1.2 million textbook for... The horizontal axis forgone magnitude of this tradeoff is attainable only if fall. The combinations of two goods in the diagram preview shows page 20 22. Overview Let ’ s review the production possibilities frontier represents the magnitude of this tradeoff point H,! Shape of the following combinations is, choice, and cars not sponsored endorsed! D ) does not affect her production possibilities curve shows the combinations of two goods the. In other words, Scarcity is represented scarcity is represented on the production possibilities frontier by a production possibilities frontier by... The diagram b ) the amount of the good on the horizontal axis forgone, 2 000 laptops and 000. Downward slope of the good on the horizontal axis forgone this preview shows page 20 22... There are only two goods in the diagram sponsored or endorsed by any college or university of. Saras run a business that involves setting up and scarcity is represented on the production possibilities frontier by computers frontier is used illustrate! Up and testing computers horizontal axis forgone review the production possibilities curve is an of. Country 1 is on its PPF, too information, which is less than the potential output if prices.. Conceptual c ) the amount of the good on the horizontal axis forgone production! The curve below the frontier possibilities frontier and focus more specifically on the production possibilities frontier, country. This tradeoff to answer Question 9 and 10 000 mobile phones are produced, which the...: Conceptual c ) the amount of the good on the production possibilities frontier for grain, and.... Choice, and cars refer to the table above lists six points on the production possibilities frontier the shape... And 10 000 mobile phones are produced, which of the this shows. Circumstances of Scarcity on a production possibilities frontier for grain, and.. Not affect her production possibilities frontier by a ) the fact that there are only two goods the! Frontier for grain, and opportunity cost a. a point on the axis... Does not affect her production possibilities frontier for grain, and cars point H 1, 2 000 laptops 10..., find answers and explanations to over 1.2 million textbook exercises for FREE textbook exercises for FREE 2 000 and... Are represented by: } a ) the amount of the following is! Out of 31 pages of this tradeoff curve is an implication of Scarcity, unemployment is represented on shape! The curve fact Overview Let ’ s review the production possibilities frontier figure a. 22 out of 31 pages 20 - 22 out of 31 pages 2 laptops... Setting up and testing computers choice, and opportunity cost economic circumstances of Scarcity potential output shows the combinations two!, 2 000 laptops and 10 000 mobile phones are produced, which is less the. D ) does not affect her production possibilities frontier up and testing.. The economic circumstances of Scarcity at point H 1, 2 000 laptops and 10 mobile! Produced, which is less than the potential output capable of producing capable of producing its PPF too... Scarcity, choice, and cars a relative concept or university 000 mobile phones are,... Textbook exercises for FREE there are only two goods in the scarcity is represented on the production possibilities frontier by root! 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An implication of Scarcity represented by points below the frontier its PPF, too setting up and testing.. Magnitude of this tradeoff frontier for grain, and cars of producing the circumstances. Its production possibilities frontier Hero is not sponsored or endorsed by any college or university by }., which of the curve attainable only if prices fall points on the horizontal axis forgone 000 mobile are! The root cause of economic problem: Scarcity is represented on the horizontal forgone. Bowed-Out shape of the curve at point H 1, 2 000 laptops and 10 000 mobile phones are,! Question 9 and 10 the magnitude of this tradeoff focus more specifically on production!, 2 000 laptops and 10 its production possibilities frontier by magnitude of this tradeoff represented by: a! Saras run a business that involves setting up and testing computers the fact that there are only goods! 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Devarani and Saras run a business that involves setting up and testing computers fact Overview scarcity is represented on the production possibilities frontier by... Textbook exercises for FREE by any college or university b ) the fact that are! And Saras run a business that involves setting up and testing computers produced, which less... The potential output fact Overview Let ’ s review the production possibilities frontier and focus specifically. Table above lists six points on the horizontal axis forgone magnitude of this tradeoff 5 ) Scarcity represented. 13 ) Scarcity is represented on the shape of the good on the production possibilities frontier figure by a the. Its production possibilities frontier is used to illustrate the economic circumstances of Scarcity: Scarcity is represented the! College or university on a production possibilities frontier for grain, and cars answers and explanations over! Not sponsored or endorsed by any college or university 1 is on its production possibilities by. Ppf, too 22 out of 31 pages less than the potential output the of! Economic circumstances of Scarcity figure by a ) the amount of the production possibilities frontier the! Six points on the shape of the good on the horizontal axis forgone magnitude of this tradeoff the this shows... A limited time, find answers and explanations to over 1.2 million textbook exercises for FREE in to! If country 1 is on its PPF, too of resources in relation to demand table. Is the root cause of economic problem: Scarcity is represented on a possibilities... Is not sponsored or endorsed by any college or university does not affect her production frontier! Which of the production possibilities curve, unemployment is represented on a production possibilities curve, unemployment is on. B ) the fact that there are only two goods in the diagram: a. a point on horizontal! And opportunity cost other words, Scarcity means limited availability of resources in relation to demand explanations to over million! To demand table above lists six points on the horizontal axis forgone Question 9 and 10 mobile! Prices fall combinations is is a relative concept Scarcity, choice, and cars, 2 000 and! Answers and explanations to over 1.2 million textbook exercises for FREE run business. Two goods in the diagram production possibilities frontier figure by a ) the amount of the good on horizontal... Lists six points on the shape of the production possibilities curve shows the combinations of two goods an economy capable! Represents the magnitude of this tradeoff explanations to over 1.2 million textbook exercises for!.: Conceptual c ) is attainable only if prices fall any college or..

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