If additional units of output could be produced at constant opportunity cost, the production possibilities curve would be:
a. bowed inward toward the origin
b. bowed outward away from the origin.
c. positively sloped.
d. a straight line with a negative slope.
d
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If the ratio of the dollar price of a U.S. toy to the dollar price of a Chinese toy is greater than one:
A) retailers in the U.S. should buy the toys from Chinese suppliers. B) retailers in the U.S. should buy the toys from both Chinese suppliers and American suppliers. C) retailers in the U.S. should not buy the toys from both Chinese suppliers and American suppliers. D) retailers in the U.S. should buy the toys from American suppliers.
The factor market can best be described as where
A) households buy goods and services. B) firms buy goods and services. C) firms buy the services of labor, land and capital. D) governments sell goods and services.