Author Question: The law of increasing opportunity cost reflects the fact that a. the production possibilities ... (Read 45 times)

tingc95 · **on:** Jul 1, 2018

The law of increasing opportunity cost reflects the fact that
a. the production possibilities frontier is bowed inward
b. resources are not perfectly substitutable
c. resources cannot always be used efficiently
d. an economy will operate at a point inside the production possibilities frontier
e. an economy will operate at a point along the production possibilities frontier

Question 2

The law of increasing opportunity cost explains why
a. opportunity cost is constant along the production possibilities frontier
b. the production possibilities frontier is downward sloping
c. the production possibilities frontier is curved
d. efficient points lie along the production possibilities frontier
e. technology remains constant along a production possibilities frontier