Which of the following distinguishes a "straight-line" production possibilities curve from one that is "bowed out"?
A) A straight-line production possibilities curve is upward sloping, whereas a bowed production possibilities curve is not.
B) A straight-line production possibilities curve exhibits decreasing opportunity costs, whereas a bowed production possibilities curve does not.
C) A straight-line production possibilities curve exhibits increasing opportunity costs, whereas a bowed production possibilities curve does not.
D) A straight-line production possibilities curve exhibits constant opportunity costs, whereas a bowed production possibilities curve does not.
Correct Answer:
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