Decrease of resources implies that production possibility curve:
shifts to left
The correct answer is "shifts to left." When resources decrease, the production possibility curve shifts to the left, reflecting a reduction in the economy's capacity to produce goods and services.
Important Questions from Microeconomics
Which of the following statements is NOT correct about the factors that gave rise to the Consumer Movement in India?
The total value of goods and services traded is considered to be the _________ of trade.
Microfinance programmes were first created by Nobel prize winning Economist Muhummad Yunus in what decade?
Which of the following statements is NOT true about the two-sector model?
What happens in case of market equilibrium:
(a) Market demand = market supply
(b) There is no excess supply in the market
