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12th Class Economics Solved Paper - Economics 2017 Outside Delhi Set-I

  • question_answer
    Give the meaning and characteristics of production possibility frontier.

    Answer:

    PPF is a curve showing different possible combinations of two goods which can be produced with the available resources.
    The main characteristics of PPF are:
    (a) PPF always slopes downward from left to right: PPF has a negative slope which implies that more than one good can be produced only by loss of another good.
    (b) PPF is concave to the origin: The PPF is concave to origin shows the tendency of increasing MRT.


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