THE PRODUCTION POSSIBILITY CURVE

85. - TEST BANK FOR ESSENTIALS OF ECONOMICS 3RD EDITION BY BRUE
TEST BANK FOR ESSENTIALS OF ECONOMICS 3RD EDITION BY BRUE
85. The production possibility curve:is convex to the origin.is based on the law of diminishing returns.→ is the boundary between attainable and unattainable outputs.reflects the mixed economy found with most economic systems. AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-05 Apply production possibilities analysis; increasing opportunity costs; and economic growth.Topic: Production possibilities modelMultiple Choice Question