If Production Involves Decreasing Opportunity Cost, the Production Possibilities Curve

question 224

Multiple Choice

If production involves decreasing opportunity cost, the production possibilities curve

• 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:

Posting

The process of transferring journal entries to the ledger accounts in accounting.

Equality

The balance between the total debits and total credits in an account, ensuring that all financial transactions are properly recorded.

Debits And Credits

The two fundamental aspects of every financial transaction in double-entry bookkeeping, where debits must equal credits.

Trial Balance

A trial balance is a bookkeeping report showing the balances of all ledgers accounts to ensure that debits equal credits.