When Moving Along a Production Possibilities Curve, the Opportunity Cost

question 105

Multiple Choice

When moving along a production possibilities curve, the opportunity cost to society of getting more of the good on the horizontal axis:

• A) is constant.
• B) is measured in dollar terms.
• C) is measured by the amount of the other good that must be given up.
• D) usually decreases.

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Definitions:

Existence Of Contract

pertains to the reality or presence of an agreement between two or more parties that is recognized by law.

Lease Contracts

Legal agreements specifying the terms under which one party agrees to rent property owned by another party.

Agree To Terms

The act of formally consenting to the conditions presented in a contractual agreement.

Sales Contract

A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.