Question:
Which of the following definition is correct answer of the production possibility set of the economy?
Which of the following definition is correct answer of the production possibility set of the economy?
Updated On: Sep 12, 2024
- The collection of all possible combination of the goods and services that can not be produced a fixed amount
- The collection of all possible combinations of goods and services that can be produced from a given amount of resources and a given stock of technological knowledge
- The combination of different type of goods and its utilisation are related with each other
- The combination of all goods and its resources creates the production possibility curve
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The Correct Option is B
Solution and Explanation
The correct option is (B): The collection of all possible combinations of goods and services that can be produced from a given amount of resources and a given stock of technological knowledge
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