Increasing Opportunity Cost Occurs Along a Production Possibilities Frontier Because

question 221

Multiple Choice

Increasing opportunity cost occurs along a production possibilities frontier because

• A) resources are not equally productive in all activities.
• B) increasing wants need to be satisfied.
• C) in order to produce more of one good decreasing amounts of another good must be sacrificed.
• D) production takes time.

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Definitions:

Expected Value

The weighted average of all possible values of a random variable, taking into account their probabilities of occurrence.

Independent

Not influenced or controlled by others in terms of opinions or actions; in statistics, variables not affected by any other variables.

Standard Deviation

A measure of the dispersion or variability of a set of values, indicating how spread out the values are from the mean.

Standard Deviation

A statistical measure that quantifies the dispersion or variability of a data set around its mean, indicating how spread out the data points are.