Examlex
The production possibility curve is bowed outward from the origin because of:
Marginal Utility
The additonal satisfaction or utility that a person receives from consuming an additional unit of a good or service.
Total Utility
The total satisfaction or benefit gained from consuming a particular quantity of goods and services.
Maximum
The highest point on a nonlinear curve, where the slope changes from positive to negative.
Diminishing Marginal Utility
A principle stating that as a person consumes more of a good, the additional satisfaction or utility from consuming an additional unit decreases.
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