Multiple Choice
Why are production possibilities frontiers usually bowed outward?
A) The more resources a society uses to produce one good, the fewer resources it has available to produce another good.
B) It reflects the fact that the opportunity cost of producing a good falls as more of the good is produced.
C) It is because of the effects of technological change.
D) Resources are specialized; that is, some are better at producing particular goods rather than other goods.
Correct Answer:
Verified
Correct Answer:
Verified
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