Because of increasing opportunity costs, the production possibility curve:
A. Is bowed out from (or concave to) the origin
B. Can be either downward- or upward-sloping
C. At first rises, then falls eventually
D. Is a straight downward-sloping line
Answer: A
Economics
You might also like to view...
The monetary rule is the view of the:
a. Monetarists that monetary policy is most important. b. Keynesians that monetary policy is most important. c. Classical economists that monetary policy is most important. d. Monetarists that the Fed should expand the money supply at a constant rate.
Economics
Complete the following table by finding the average and marginal product. At what input-output level will average variable cost begin to rise? Explain
Economics