The Production Possibilities Curve Bows Outward from the Origin Because

question 63

Multiple Choice

The production possibilities curve bows outward from the origin because:

• A) opportunity costs decrease as the production of a good increases.
• B) opportunity costs increase as the production of a good increases.
• C) more production of one good results in more production of the other good.
• D) resources are not of uniform quality.

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Definitions:

Equality

The condition of having identical status, rights, and chances.

Slaves and Slavery

The forced bondage and labor of people, where individuals are owned by others, a practice historically found in various cultures and societies around the world.

1770s and 1780s

The decades marking the American Revolutionary War and the formative years of the United States, leading to the adoption of the Constitution.