If production involves constant opportunity cost, the production possibilities frontier
A. is “bowed inward.”
B. is a straight line.
C. is “bowed outward.”
D. is a wavy line.
E. has an unpredictable shape.
Answer: B
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When economies of scale are present, the LRAC curve touches each short-run ATC curve
A) to the left of the ATC curve's minimum point. B) to the right of the ATC curve's minimum point. C) at the ATC curve's minimum point. D) at no points.
The interest rate is the
A. rate of investment. B. price of credit. C. rate of return on investment in capital goods. D. expected rate of inflation.
Marginal utility is the extra utility a consumer derives from consuming an extra unit of a good
a. True b. False
Developing countries have a high living standard because of high human and physical capital per worker
Indicate whether the statement is true or false