Constant opportunity costs results in upward sloping supply curves and concave production possibility frontiers.

Name: Constant opportunity costs results in upward sloping supply curves and concave production possibility frontiers.
Brand: Quizplus
Rating: 4.8 (41 reviews)

Question

Quizplus · Accepted Answer

Constant opportunity costs result in straight-line production possibility frontiers, not concave ones, and do not directly relate to the shape of supply curves, which typically slope upwards due to increasing marginal costs.

Constant Opportunity Costs Results in Upward Sloping Supply Curves and Concave