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How will a new technological development affect the production possibility frontier?
What is a Production Possibility Frontier?
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economy what is
Question by tirkey79 (9)
I need to understand what the production possibility model is used to show in economics.
Answer by Vogin (108)
It describes the outpot of a hypothetical economy with full employment and full utilization of its resources. Consumer goods are on the X axis and capital good are on the Y axis.
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