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22 January, 06:50

In what way can an economist use a production possibilities graph to express efficiency?

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  1. 22 January, 10:46
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    A production possibility curve shows all maximum possibilities of output for two goods. This curve oftentimes takes the form of a curve to the right. An economy that is coinciding with this curve is said to be efficient. However, if the economy is operating below the curve, then it is said to be inefficient.
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