In Terms of the Production Possibilities Diagram, the Principle of Increasing

question 81

Multiple Choice

In terms of the production possibilities diagram, the principle of increasing cost simply asserts that the frontier is

• A)downward sloping.
• B)upward sloping.
• C)bowed inward.
• D)bowed outward.
• E)undefined, because no market will exist in this case.

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Definitions:

Algorithms

Strategies—including formulas, instructions, and the testing of all possible solutions—that guarantee a solution to a problem.

Semantics

The meaning of words and sentences in a particular language.

Matrices

Rectangular arrays of numbers, symbols, or expressions arranged in rows and columns that are subject to specific mathematical rules.

Implement

To put into effect or action; to execute a plan, agreement, or method.