Asked by
Hemraj Tankesore
on Nov 11, 2024
Verified
On a straight-line production possibilities frontier,which of the following is true?
A) The problem of scarcity does not exist.
B) Resources are imperfect substitutes.
C) Opportunity costs are constant.
D) Technology is rapidly expanding.
E) Some resources are not being used efficiently.
Opportunity Costs
The cost of foregone alternatives when a decision is made to pursue a particular course of action over others.
Production Possibilities Frontier
A curve depicting the maximum output combinations of two goods that can be produced given available resources and technology.
- Gain insight into the production possibilities frontier (PPF) and its impact on economic efficiency and potential expansion.
- Recognize the law of increasing opportunity costs and its graphical representation as a bowed-out PPF.
Verified Answer
PS
Learning Objectives
- Gain insight into the production possibilities frontier (PPF) and its impact on economic efficiency and potential expansion.
- Recognize the law of increasing opportunity costs and its graphical representation as a bowed-out PPF.
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