Which of the Following Is Not an Assumption of the Productions

question 163

Multiple Choice

Which of the following is not an assumption of the productions possibilities frontier?

• A)A country produces only two goods or types of goods.
• B)Technology does not change.
• C)The amount of available resources does not change.
• D)There is a fixed quantity of money.

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Definitions:

Marginal Product

Marginal product is the additional output that is generated by using one more unit of a particular input, holding all other inputs constant.

Mechanics

The field of physics concerned with the movement of objects and the influences of forces on that movement.

Graph Function

A visual representation of the relationship between variables in mathematical equations, typically using an x-y coordinate system.

Profit Maximizing

A strategy or behavior where a firm determines the level of output that yields the highest possible profit, given market conditions and production costs.