When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.
a. True
b. False

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18-10-2022
Business

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When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.
a. True
b. False

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-21T09:29:55+02:00

It is true that, when a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.

The graph known as the Production Possibilities Frontier (PPF) displays all the possible output combinations of two different items that may be manufactured with the tools and resources present in use. The PPF efficiently illustrates the notions of choice, alternatives, and shortages.

The PPF's shape depends on whether costs are rising, decreasing, or remaining the very same. It is true because, in accordance with the theory of increasing opportunity cost, opportunity cost would rise as even more units were manufactured if the frontier of production possibilities frontier bowed outward and generated another one.

Learn more about Production Possibilities Frontier (PPF) here:

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When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced. a. True b. False

Respuesta :

Otras preguntas

When a production possibilities frontier is bowed outward, the opportunity cost of the first good in terms of the second good increases as more of the second good is produced.
a. True
b. False