The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that: a. resources are not perfectly adaptable to the production of all goods. b. a curve makes it easier to illustrate the concepts of scarcity and prices than a straight line. c. the frontier will shift outward over time. d. output eventually reaches a maximum and then declines. e. early economists began drawing them in this way and the convention has continued throughout the years.

The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that: a. resources are not perfectly adaptable to the production of all goods. b. a curve makes it easier to illustrate the concepts of scarcity and prices than a straight line. c. the frontier will shift outward over time. d. output eventually reaches a maximum and then declines. e. early economists began drawing them in this way and the convention has continued throughout the years.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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