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Explain why does a production possibilities curve bow

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Reference no: EM1339929

Production possibilities curve and points

1. Why does a production possibilities curve bow out rather than forming a straight line sloping downward from left to right?

2. Out of all of the possible production points along a production possibilities curve, which one of those points does a nation select and why?

3. What does the Heckscher-Ohlin Theory say about what determines the trade patterns between countries?

 

Reference no: EM1339929

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