The Law of Increasing Relative Costs, Depicted by the Concavity

question 163

Multiple Choice

The law of increasing relative costs, depicted by the concavity of the production possibilities frontier, is most closely related to the

• A)downward slope of the demand curve.
• B)upward slope of the demand curve.
• C)downward slope of the supply curve.
• D)upward slope of the supply curve.

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Definitions:

Enforcement Arm

Refers to the means or mechanism by which laws, regulations, or policies are implemented and ensured compliance with, often involving legal or coercive action.

National Labor Relations Board

A U.S. federal agency tasked with enforcing labor laws in relation to collective bargaining and unfair labor practices.

Federal Writers Project

A New Deal program established in 1935 to provide employment for historians, teachers, writers, librarians, and other white-collar workers during the Great Depression.

Freed Slaves

Individuals who were released from the conditions of slavery, often after legal or systemic changes within a society.