THE CONCAVE, OR BOWED-OUT, SHAPE OF THE PRODUCTION POSSIBILITIES C...

139.The concave, or bowed-out, shape of the production possibilities curve illustrates the law of increasing opportunity costs.→ TrueFalse AACSB: AnalyticBlooms: RememberDifficulty: 3 HardLearning Objective: 01-04 List the categories of scarce resources and delineate the nature of the economizing problem.Topic: Production possibilities modelTrue / False Question