Refer to the information provided in Figure 2.3 below to answer the question(s) that follow. Figure 2.3
-Refer to Figure 2.3. The law of ________ opportunity costs is best depicted by the production possibilities frontier in Panel A.
A) increasing
B) constant
C) decreasing
D) zero

Question

Refer to the information provided in Figure 2.3 below to answer the question(s) that follow.  Figure 2.3
-Refer to Figure 2.3. The law of ________ opportunity costs is best depicted by the production possibilities frontier in Panel A.
A) increasing 
B) constant 
C) decreasing 
D) zero

Quizplus · Accepted Answer

The law of increasing opportunity costs is depicted by a concave production possibilities frontier, as shown in Panel A, indicating that as more of one good is produced, the opportunity cost of producing additional units of that good increases.

Refer to the Information Provided in Figure 2