Which of the following statements is not true regarding the production function and the production possibilities curve?
A)Both the production function and the production possibilities curve maximize the amount of output attainable.
B)The production function describes the capacity of a single firm,whereas the production possibilities summarizes the output capacity of the entire economy.
C)A production function tells us the maximum amount of output attainable from the use of all resources.
D)The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is not true regarding the production function and the production possibilities curve?
A)Both the production function and the production possibilities curve maximize the amount of output attainable.
B)The production function describes the capacity of a single firm,whereas the production possibilities summarizes the output capacity of the entire economy.
C)A production function tells us the maximum amount of output attainable from the use of all resources.
D)The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources.

Which of the Following Statements Is Not True Regarding the Production