Assuming that no resource is equally efficient in production of all goods, name the curve which shows production potential of the economy. Explain, giving reasons, its properties.
CBSE DELHI - SET 3 2016
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The curve is called production possibilities frontier or curve. Properties
- PPF slope downwards from left to right.
It is because to produce more quantity of one good, some quantity of other good has to be sacrificed because resources are limited. - PPF is Concave
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