ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question 22
If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest when
O a. the economy is producing much of the first good and little of the second good.
b. the economy is producing equal amounts of the first and second goods.
O c. the economy is producing little of the first good and much of the second good.
O d. There is no opportunity cost
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Transcribed Image Text:Question 22 If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest when O a. the economy is producing much of the first good and little of the second good. b. the economy is producing equal amounts of the first and second goods. O c. the economy is producing little of the first good and much of the second good. O d. There is no opportunity cost
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