THE LAW OF INCREASING OPPORTUNITY COST EXPLAINS WHY THE SHAPE OF T...

102. - TEST BANK FOR ESSENTIALS OF ECONOMICS 3RD EDITION BY BRUE
TEST BANK FOR ESSENTIALS OF ECONOMICS 3RD EDITION BY BRUE
102.The law of increasing opportunity cost explains why the shape of the production possibilities curve is:a straight line parallel to the horizontal axis.a straight line from one axis to the other.→ bowed out (concave) from the origin of the graph.bowed inward (convex) to the origin of the graph. AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-05 Apply production possibilities analysis; increasing opportunity costs; and economic growth.Topic: Production possibilities modelMultiple Choice Question