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The main reason why a production possibilities frontier would have a concave shape is: a) because consumers face diminishing marginal returns in consumption. b) because as a country specializes in one product, it must give up more of the other. c) because of decreasing opportunity costs d) because the rate at which one good can be substituted for another is fixed.

The main reason why a production possibilities frontier would have a concave shape is: a) because consumers face diminishing marginal returns in consumption. b) because as a country specializes in one product, it must give up more of the other. c) because of decreasing opportunity costs d) because the rate at which one good can be substituted for another is fixed.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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The main reason why a production possibilities frontier would have a concave shape is: a) because consumers face diminishing marginal returns in consumption. b) because as a country specializes in one product, it must give up more of the other. c) because of decreasing opportunity costs d) because the rate at which one good can be substituted for another is fixed.
Transcribed Image Text:The main reason why a production possibilities frontier would have a concave shape is: a) because consumers face diminishing marginal returns in consumption. b) because as a country specializes in one product, it must give up more of the other. c) because of decreasing opportunity costs d) because the rate at which one good can be substituted for another is fixed.
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