ECONOMICS PLEASE HELP ME!!?
Within the context of the production possibility curve framework, if the opportunity cost of producing either of the two goods in question is increasing, this means the production possibility curve is: *
a. a U-shaped curve.
b. concave, or bowed outward, from the origin.
c. convex, or bowed inward, from the origin.
I think it is C. I know what the graph looks like visually, but I don't understand the answer's descriptions
- OiyLv 61 month ago
The answer is b. You might move the point on the curve to the right, you will see that the opportunity cost will increase. There is no u shaved ppf curve or upward sloping because it has to show the relationship between two groups of products, The linear curve will have a constant slope, and also the cost.