97. The production possibilities curve bows outward from the origin because:
Test Bank for Essentials of Economics 3rd Edition by Brue
opportunity costs decrease as the production of a good increases. Full file at https://traloihay.net
→ opportunity costs increase as the production of a good increases.more production of one good results in more production of the other good.resources are not of uniform quality. AACSB: AnalyticBlooms: RememberDifficulty: 2 MediumLearning Objective: 01-05 Apply production possibilities analysis; increasing opportunity costs; and economic growth.Topic: Production possibilities modelMultiple Choice Question
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