The Negative Slope of the Production Possibilities Curve Is a Graphical

question 61

Multiple Choice

The negative slope of the production possibilities curve is a graphical way of indicating that:

• A)any economy "can have its cake and eat it too."
• B)to produce more of one product we must accept less of another.
• C)the principle of increasing opportunity costs does not apply to the economy as a whole.
• D)consumers buy more when prices are low than they do when prices are high.

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Definitions:

Implications

The possible effects or results of an action or decision, especially those that are unintended or indirect.

Backlash

A strong and negative reaction against a social or political change, often aimed at reasserting traditional norms and values.

Concept

An abstract idea or a mental symbol that represents a thing, category, or quality, forming the basis of human knowledge and understanding.

Internalize

The process by which individuals absorb and integrate the values, norms, and beliefs of their society into their own consciousness.