If Production Involves Constant Opportunity Cost, the Production Possibilities Frontier

question 260

Multiple Choice

If production involves constant opportunity cost, the production possibilities frontier

• A)is "bowed inward."
• B)is a straight line.
• C)is "bowed outward."
• D)is a wavy line.
• E)has an unpredictable shape.

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Definitions:

Preferences

The likes, desires, or choices a person has, which influence their behavior and decision-making, often considered in economics, psychology, and ethics.

Justice

The principle of moral righteousness and fairness that governs individual behavior and societal laws.

Beneficence

A principle in ethics and morality that refers to the act of doing good or performing actions for the benefit of others.

Difference Principle

A concept from John Rawls' theory asserting that inequalities in social and economic distribution are acceptable only if they benefit the least advantaged members of society.