Econ 201 assignment 3 - Study guides, Class notes & Summaries

Generally, opportunity costs increase and the production possibilities frontier bows outward. Why? Production efficiency is achieved when An expansion of the production possibilities frontier is

Generally, opportunity costs increase and the production possibilities frontier bows outward. Why? Production efficiency is achieved when An expansion of the production possibilities frontier is

Question 1 Generally, opportunity costs increase and the production possibilities frontier bows outward. Why? Unemployment is inevitable. Resources are not equally useful in all activities. Technology is slow to change. Labor is scarcer than capital. 1 points QUESTION 2 Production efficiency is achieved when producing one more unit of one good cannot occur without producing less of some other good. producing inside the production possibilities frontier The economy is on the production p...