The curve showing the possibilities of production of desired good is known as:

Related MCQs

• Production possibilities curve does not show:
• Suppose that a firm produces 200,000 units a year and sells them all for Rs.10 each. The explicit costs of production are Rs.1,500,000 and the implicit costs of production are Rs. 300,000. The firm has an accounting profit of:
• Which of the following statements best describes the general form of a production function: (i) It is a purely technological relationship between quantities of input and quantities of output. (ii) It represents the technology of an organisation, sector of an economy. (iii) Prices of inputs or of the output do not enter into the production function. (iv) It is a flow concept describing the transformation of inputs into output per unitof time.
• Costs incurred only when production occurs are known as:
• Average Revenue curve under monopoly is :
• The marginal product of labor curve shows the change in total product resulting from:
• When the total product curve is falling, the:
• The reason the marginal cost curve eventually increases as output increases for the typical firm is because:
• The total product curve may initially show output increasing at an increasing rate as more labour is hired because of the:
• A curve that can never be “U” shaped is the: