An Economy's Production Possibilities Curve Is Concave to the Origin

question 69

Multiple Choice

An economy's production possibilities curve is concave to the origin because of the impact of:

• A)the law of demand.
• B)the law of supply.
• C)the law of increasing opportunity cost.
• D)the law of diminishing marginal utility.
• E)the law of diminishing marginal returns.

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Definitions:

Home Security

Systems and measures taken to protect a home and its inhabitants from burglaries, intrusions, and other threats.

Supply Chain

The network of all the individuals, organizations, resources, activities, and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, and to its eventual delivery to the end user.

Logistics

The management of the flow of goods, services, and information between the point of origin and the point of consumption to meet customer or corporation requirements.

Place

In marketing, "Place" refers to one of the four Ps (Product, Price, Place, Promotion), encompassing distribution channels, locations, or online platforms where a product or service is made available to consumers.