MC14. Which of the following is an example of a production possibility frontier?
A. A graph showing the relationship between price and quantity demanded.
B. A graph showing the relationship between price and quantity supplied.
C. A graph showing the maximum amount of goods that can be produced given existing resources and technology.
D. A graph showing the relationship between income and consumption.
Answer:C
MC14. Which of the following is an example of a production possibility frontier?
A. A graph showing the relationship between price and quantity demanded. B. A graph showing the relationship between price and quantity supplied. C. A graph showing the maximum amount of goods that can be produced given existing resources and technology. D. A graph showing the relationship between income and consumption.