A Production Possibilities Curve Shows

question 104

Multiple Choice

A production possibilities curve shows

• A) that resources are unlimited.
• B) that people prefer one of the goods more than the other.
• C) the maximum amounts of two goods that can be produced, assuming the full use of available resources.
• D) combinations of capital and labor necessary to produce specific levels of output.

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Definitions:

Settlement

An agreement reached between parties in a dispute to amicably resolve their differences, often involving a compromise and the cessation of further legal action.

Provisional

Not final.

Substitute Check

An electronic or digital version of an original paper check, used in the banking industry to streamline check processing.

Warranties

Legally binding promises or guarantees that a product or service will meet specified criteria of quality, performance, or reliability.