On a production possibility frontier,opportunity cost is:
A) the decrease in the output of one good when the output of the other good is increased.
B) the rate at which people are willing to exchange goods as determined by demand and supply.
C) the dollar cost of the good given up to get another good.
D) independent of the slope of the curve.
Correct Answer:
Verified
Q1: The absolute value of the slope of
Q3: Goods and services purchased from abroad are
Q4: The term autarky refers to a situation
Q5: The United States must give up the
Q6: (Table: The Production Possibilities for Cars and
Q7: If the opportunity costs of production are
Q8: Britain must give up the production of
Q9: Production possibility frontiers:
A)illustrate the production choices available
Q10: The United States must give up the
Q11: In a single year,the Netherlands can raise
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents