The table below illustrates that,in one day,Tristan can produce either 12 fishing lures or mow 3 lawns,while Thomas can produce either 6 fishing lures or mow 6 lawns. TABLE 1- 1
-A straight- line production possibilities boundary differs from a concave boundary in which of the following ways?
A) The straight- line boundary does not show scarcity,whereas the concave boundary does.
B) The straight- line boundary shows opportunity cost,whereas the concave boundary does not.
C) The straight- line boundary illustrates constant opportunity costs,whereas the concave boundary illustrates increasing opportunity costs.
D) A straight- line boundary is associated with a command economy,whereas a concave boundary is associated with a free- market economy.
E) The concave boundary illustrates constant opportunity costs,whereas the straight- line boundary illustrates decreasing opportunity costs.
Correct Answer:
Verified
Q1: The concept of scarcity in economics usually
Q2: The table below illustrates that,in one
Q3: FIGURE 1- 5 Q4: The table below shows that,in one![]()
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