2
answers
0
watching
139
views
28 Nov 2020
A production possibilities frontier is bowed outward instead of a straight line when:
1. The more resources the economy uses to produce one good, the fewer resources it has to produce the other good.
2. The economy is self-sufficient and does not participate in global trade.
3. The opportunity cost of producing either good is constant.
4. The opportunity cost of producing either good depends on how much of either good is being produced.
A production possibilities frontier is bowed outward instead of a straight line when:
1. The more resources the economy uses to produce one good, the fewer resources it has to produce the other good.
2. The economy is self-sufficient and does not participate in global trade.
3. The opportunity cost of producing either good is constant.
4. The opportunity cost of producing either good depends on how much of either good is being produced.
Sonal BahlLv10
3 Jan 2021
Already have an account? Log in
