A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost (A) remains constant (B) decreases (C) decreases at first and then increases (D) increases (E) increases at first and then decreases
A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost (A) remains constant (B) decreases (C) decreases at first and then increases (D) increases (E) increases at first and then decreases
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 12SQ
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A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost
(A) remains constant
(B) decreases
(C) decreases at first and then increases
(D) increases
(E) increases at first and then decreases
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