What is a graphical representation of the combination of goods and services that can be produced in a situation production possibility curve?

What is a graphical representation of the combination of goods and services that can be produced in a situation production possibility curve?

(also called a production possibilities frontier) a graphical model that represents all of the different combinations of two goods that can be produced; the PPC captures scarcity of resources and opportunity costs.

What is a graphical representation of the combination of goods and services that can be produced in a situation Brainly?

Answer Expert Verified The Production Possibilities Curve is a graphical representation of the combination of goods and services that can be produced in a situation.

What is a graphical representation of the combination of goods that can be produced in a situation?

The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. Sometimes called the production possibilities frontier (PPF), the PPC illustrates scarcity and tradeoffs.

What represents the possible combinations of two goods that can be produced in a certain time period?

Represents the possible combination of two goods that can be produced in a certain period of time under the conditions of a given state of technology and fully employed resources.

What shows all possible combinations of two goods an economy can produce?

The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology.

What is technologically efficient?

Technical efficiency is the effectiveness with which a given set of inputs is used to produce an output. A firm is said to be technically efficient if a firm is producing the maximum output from the minimum quantity of inputs, such as labour, capital, and technology.

How can you use technology to be more efficient in your work?

1. Make Sure You Use The Right Technology.
2. Incorporate Automation Tools.
3. Manage Passwords Effectively.
4. Only Use Technology Where You Need Help The Most.
5. Use Chrome Extensions.
6. Organize Your Time With A Calendar App.
7. Take Advantage Of Free Applications.
8. Use Less Technology Altogether.

What are three types of efficiency?

Economists usually distinguish between three types of efficiency: allocative efficiency; productive efficiency; and dynamic efficiency.

What is a efficient?

1 : productive of desired effects especially : capable of producing desired results with little or no waste (as of time or materials) an efficient worker efficient machinery.

Are oligopolies dynamically efficient?

Oligopolists may be dynamically efficient in terms of innovation and new product and process development. The super-normal profits they generate may be used to innovate, in which case the consumer may gain.

Why are oligopolies dynamically efficient?

Oligopoly derives huge dynamic efficiency though. This is because they have incentive and ability to do so. They have abnormal profit, and they also have to constantly engage in product differentiation as a means of competition, so there is a high level of innovation over time.

Do oligopolies have differentiated products?

The objective of differentiation is to develop a position that potential customers see as unique. This primarily affects performance through reducing competition. Many oligopolies make differentiated products: cigarettes, automobiles, computers, ready-to-eat breakfast cereal, and soft drinks.

Can oligopolies be productively efficient?

Productive and Allocative Efficiency of Oligopolies Pure competition achieves productive efficiency by producing products at the minimum average total cost. Because oligopolies can successfully thwart competition, they restrict output to maximize profits, producing only until marginal cost = marginal revenue.

Are oligopolies beneficial to consumers?

The oligopoly in this industry brings several advantages to consumers, such as stabling the price, gain the benefits under the non-price competition including mass promotion, technology innovation and good services.

Why are oligopolies bad for consumers?

The economic and legal concern is that an oligopoly can block new entrants, slow innovation, and increase prices, all of which harm consumers. Firms in an oligopoly set prices, whether collectively—in a cartel—or under the leadership of one firm, rather than taking prices from the market.

What are some of the advantages and disadvantages of an oligopoly?

The Advantages of an Oligopoly

• High Profits.
• Simple Choices.
• Competitive Prices.
• Better Information and Goods.
• Difficult To Forge A Spot.
• Less Choices.
• Fixed Prices Are Bad For Consumers.
• No Fear Of Competition.

What are the different types of oligopoly?

Depending on the Openness of the Market, Oligopoly is of Two Types:

• Open Oligopoly Market.
• Closed Oligopoly Market.
• Collusive Oligopoly.
• Competitive Oligopoly.
• Partial Oligopoly.
• Full Oligopoly.
• Syndicated Oligopoly.
• Organised Oligopoly.

Why are monopolies bad for consumers?

A monopoly’s potential to raise prices indefinitely is its most critical detriment to consumers. Because it has no industry competition, a monopoly’s price is the market price and demand is market demand. As the sole supplier, a monopoly can also refuse to serve customers.