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Baradar Baradar
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2 years ago

The diagram below shows two production possibilities boundaries for Country X.

Short description: A graph plots consumer goods against capital goods. Long description: The horizontal axis represents consumer goods. The vertical axis represents capital goods. The graph plots two concave down decreasing curves. The first curve, P P B subscript 1 begins at a point on the vertical axis, passes through the points, F, A, and B, and ends at a point on the horizontal axis. The second curve, P P B subscript 2 begins at a point on the vertical axis (above the point where the first curve begins), passes through a point, E, and ends at a point on the horizontal axis (to the right of the first curve). The point, C lies near the horizontal axis and parallel to A. The point, D is to the right of point E.

FIGURE 1-4

Refer to Figure 1-4. Growth in the country's productive capacity is illustrated by



▸ the movement between points on a given boundary.

▸ an outward shift of the boundary, for example from PPB1 to PPB2.

▸ a movement from a point inside the boundary such as C to the boundary.

▸ a single point such as A on the boundary.

▸ a point like D outside the boundary.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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IgnesiasIgnesias
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