Write the assumptions of production possibility curve. (2024)

Explain the main characteristics of the production possibility curve.

State the assumptions made while determining the production possibility curve.

State any one assumption for the construction of the curve that shows the possibilities of potential production of two goods in an economy.

Statements: No statement is a conclusion.
Some conclusions are assumptions:
All assumptions are arguments.
Conclusions: I. All arguments being assumptions is a possibility.
II. All assumptions being conclusions is a possibility.

The production possibility curve is also known as the ____________.