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Economics Principles Of Economics: Microeconomics Production Possibilities Curve Illustrates
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Martha Hill
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Brandon Ruffin
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James Hopper
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Ann Ricker
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Tiffany Hanchett
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Henry Smith
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Ruth Jones
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Christine Brunetti
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Pedro Huang
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Killian Parsons
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The production possibilities curve illustrates which two of the following essential principles?
scarce resources and opportunity cost
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Which of the following statements about production possibilities curves is not​ true? A. A linear production possibility curve illustrates the concept of increasing opportunity costs. .B. A production possibilities curve illustrates the concept of scarcity. C. A linear production possibilities curve illustrates the concept of efficiency. D. A production possibilities curve illustrates the concept of opportunity cost.
A. A linear production possibility curve illustrates the concept of increasing opportunity costs.
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The negative slope of the production possibilities curve illustrates that:
when resources are fully employed, an economy can produce more of one thing only by producing less of something else
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The production possibilities curve illustrates the basic principle that:
if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced.
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Any point on the production possibilities curve illustrates:
maximum production combinations.
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