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MICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY2 Marks
Question
What is a production possibility frontier?
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Answer

It is a curve showing different combinations of output of a set of two goods. It is drawn on the assumptions of constant technology and constant resources to be fully and efficiently utilised

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