Increasing Opportunity Cost Is Represented by a ________ Production Possibilities

question 115

Multiple Choice

Increasing opportunity cost is represented by a ________ production possibilities frontier.

• A)linear
• B)bowed in
• C)bowed out
• D)vertical

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Definitions:

Drawing

The account used to record amounts withdrawn by an owner of a proprietorship.

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, clearing out revenues and expenses for the next period.

Wages Expense

The total cost incurred by a company for paying its employees, often reflected as an operating expense on the income statement.

Rent Expense

The cost incurred by a business to utilize property or equipment for operations, which is recorded as an expense on the income statement.