Question

If a society's production possibilities frontier shifts to the right, the society's standard of living will likely increase. true false

Answer 1

Society's standard of living will likely increase if True

What is Comparative advantage?

Is TRUE that If a society's production possibilities frontier shifts to the right, the society's standard of living will likely increase?

Export goods in which it has a comparative advantage.

Comparative advantage is when someone produces something more cheaply than other competitors in the same market as the firm; however, comparative advantage is not the same as being the best at something.

In this case, a society's standard of living will probably rise if the frontier of its production possibilities shifts to the right.

Products in which it has a competitive advantage are exported.

In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to a trade.

To learn more about comparative advantage, refer

to brainly.com/question/26997143

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