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"An increase in productivity with respect to any one good increases our options for producing and consuming all other goods." Which of the following best describes the meaning of that statement?

1)An increase in output per hour for any one good increases the output per hour of all other goods.

2)Production possibilities curves are always downward sloping.

3)An increase in output per hour for any one good frees up resources that can be devoted to the production of other goods.

4)Technical improvements that increase the production of one good can almost always be used to increase the production of the other good (shown as a parallel outward shift).

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946450

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