Consider the graph. 10 0 1234 Widgets What best explains the shape of the production possibility frontier in the graph? According to the graph of the production possibilities frontier, what is the opportunity cost of the seventh widget? O about 7 widgets O About 1 gizmo O about 2 widgets about 5 gizmos What best explains the shape of the production possibility frontier in the graph? Producers can move from one point to another on the production possibilities frontier in response to consumers' demands. O The production of widgets and gizmos require the same resources to produce. O Some resources used to produce one of the goods are not as productive when they are used to produce the other good. O This economy has the capacity to produce different combinations of widgets and gizmos.

Consider the graph. 10 0 1234 Widgets What best explains the shape of the production possibility frontier in the graph? According to the graph of the production possibilities frontier, what is the opportunity cost of the seventh widget? O about 7 widgets O About 1 gizmo O about 2 widgets about 5 gizmos What best explains the shape of the production possibility frontier in the graph? Producers can move from one point to another on the production possibilities frontier in response to consumers' demands. O The production of widgets and gizmos require the same resources to produce. O Some resources used to produce one of the goods are not as productive when they are used to produce the other good. O This economy has the capacity to produce different combinations of widgets and gizmos.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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