Ask Question
16 May, 13:39

An inventor found a new way to produce more steel

from each ton of her country's iron ore. How would a production possibilities curve reflect the

application of that discovery to the country's production of steel cookware? Why?

Economic

WRAP 1.3

+1
Answers (1)
  1. 16 May, 15:47
    0
    The production possibility curve shifts outward with the advancement in the technology.

    Explanation:

    Production possibility curve is a curve which shows the combination of two goods that a country can produce with the given amount of resources to it. To increase the production of one good, the production of the other good has to be decreased if the resources remain the same.

    But if there is an invention or an advancement in the technology, then the production possibility curve shifts outwards towards the right because then there would be more efficiency in the production process by the country leading to increase in the production.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “An inventor found a new way to produce more steel from each ton of her country's iron ore. How would a production possibilities curve ...” in 📘 History if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers