One of the Concepts That Is Illustrated by a Downward

question 130

Multiple Choice

One of the concepts that is illustrated by a downward sloping production possibilities frontier is that

• A) technology must change in order to produce more of a particular good
• B) to produce more of one good,some of the alternative goods must be given up
• C) opportunity cost generally declines as more of a good is produced
• D) specialization leads to gains in overall utility for society
• E) opportunity cost generally does not vary as more of a good is produced

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Definitions:

Sale or Return

A transaction in which goods are provided to a buyer on the basis that unsold goods can be returned to the seller.

Security Interest

A legal claim or right on property as collateral to secure the repayment of a debt or obligation.

Buyer in the Ordinary Course

An individual or entity that purchases goods in good faith, within the normal course of business from a seller who is in the business of selling such goods.

Good Faith

A legal principle that emphasizes honesty, fairness, and integrity in the fulfillment of contractual and legal obligations.