Why production possibilities curve concave
What is the reason that production possibilities curve concave? Elucidate.
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The Production possibility curve concave means that MRT raises as we move downward all along the curve. MRT rises since it is supposed that no resource is equally proficient in production of all goods. Since resources are transferred from one good to the other, less & less proficient resources have to be utilized. This increases cost and also MRT.
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High economic profits for firms are least probable to arise by: (1) important market power. (2) “cut-throat” competitive pricing policies. (3) superior products. (4) unusually efficient managers. (5) price-maker behavior. Discover Q & A Leading Solution Library Avail More Than 1424930 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1942673 Asked 3,689 Active Tutors 1424930 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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