The difference between production possibilities frontiers that are bowed out and those that are straight lines is that
A) bowed-out production possibilities frontiers apply to economies that face tradeoffs, whereas straight-line production possibilities frontiers apply to economies that do not face tradeoffs.
B) bowed-out production possibilities frontiers apply to economies in which resources are not specialized, whereas straight-line production possibilities frontiers apply to economies in which resources are specialized.
C) bowed-out production possibilities frontiers illustrate increasing opportunity cost, whereas straight-line production possibilities frontiers illustrate constant opportunity cost.
D) straight-line production possibilities frontiers illustrate real-world conditions, whereas bowed-out production possibilities frontiers illustrate more simplistic assumptions.
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Q2: Table 3-1 Q3: Consider a shoemaker and a vegetable farmer.Potentially,trade Q5: Without trade, Q6: A production possibilities frontier will be a Q7: When an economist points out that you
A)a country is better off because
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