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Author Question: The reason that the production possibilities frontier is usually a bow-shaped curve instead of a ... (Read 19 times)

D2AR0N

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on: Jul 1, 2018
The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that
 a. it makes it easier to illustrate the concepts of scarcity and prices with a bow-shaped curve than it is with a straight line
  b. early economists began drawing them in this way and the convention has continued throughout the years
  c. output eventually reaches a maximum and then declines
  d. resources are not perfectly adaptable to the production of all goods
  e. the frontier will shift outward over time

Question 2

The production possibilities frontier represents all desirable combinations of two goods
 a. True
  b. False


milbourne11

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

B


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