Which of the following would most likely shift the production possibilities curve inward? technological progress an increase in the production of capital goods an increase in the number of hours factories are in use a decrease in the average number of hours worked per week

Which of the following would most likely shift the production possibilities curve inward? technological progress an increase in the production of capital goods an increase in the number of hours factories are in use a decrease in the average number of hours worked per week

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section: Chapter Questions

Problem 13QP

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Concept explainers

Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.

Question

Which of the following would most likely shift the production possibilities curve
inward?
Otechnological progress
an increase in the production of capital goods
an increase in the number of hours factories are in use
a decrease in the average number of hours worked per week

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