The fact that a society's production possibility frontier is bowed out or concave to the origin of a graph demonstrates the law of:
A.increasing opportunity cost.
B.decreasing opportunity cost.
C.constant opportunity cost.
D.concave opportunity cost.
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Q5: The models that economists construct:
A)usually make simplifying
Q10: Q11: Figure: Guns and Butter Q13: Q14: The production possibility frontier illustrates that: Q16: If an economy has to sacrifice increasing Q17: The importance of an economic model is Q19: When building a model, economists: Q20: A production possibility frontier that is a Q25: If an economy has to sacrifice only
(Figure: Guns and Butter)
A)the economy
A)simplify reality in
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