A typical concave production possibilities curve implies:
A)that economic resources are scarce.
B)that society must choose among various attainable combinations of goods.
C)increasing opportunity costs.
D)all of the above.

Question

Quizplus · Accepted Answer

A concave production possibilities curve shows that resources are scarce, and society must choose among various attainable combinations of goods. It also implies increasing opportunity costs, as more of one good is produced, the opportunity cost of producing the other good also increases. Therefore, choice D is correct - all of the above.

A Typical Concave Production Possibilities Curve Implies