THE PRODUCTION POSSIBILITIES CURVE BOWS OUTWARD FROM THE ORIGIN BE...

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