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-In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite endowment of resources by one country. The PPF demonstrates that the production of one commodity may increase only if the production of the other commodity decreases in economy.
By using the Production Possibilities Frontier Curve (PPF), explain the concepts of:
i. Inefficient allocation of resources
ii. Efficient allocation of resources
iii. Unattainable point.
iv. Scarcity of resources.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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