What is the production possibilities frontier

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1. Suppose an economy has just two goods, X and Y. True or False: If the condition of input efficiency prevails, we can increase the production of X without decreasing the production of Y. Explain your answer.

2. What is the production possibilities frontier? What is the marginal rate of transformation? How does the marginal rate of transformation relate to the production possibilities frontier?

Reference no: EM131253777

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