The Production Possibilities Frontier

question 24

Multiple Choice

The production possibilities frontier

• A)is the boundary between attainable and unattainable levels of production.
• B)is the boundary between what we want to consume and what we want to produce.
• C)shows how production increases as prices rise.
• D)shows prices at which production is possible and impossible.
• E)illustrates why there need not be any scarcity in the world.

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Definitions:

Product Life Cycle

The series of stages a product goes through from introduction to growth, maturity, and decline in the market.