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The main reason why a production possibilities frontier would have a concave shape is: because consumers face diminishing marginal returns in consumption because of decreasing opportunity costs

The main reason why a production possibilities frontier would have a concave shape is: because consumers face diminishing marginal returns in consumption. because of decreasing opportunity costs because the rate at which one good can be substituted for another is fixed. because as a country specializes in one product, it must give up more of the other. 2.Which of the following is not possible for two countries who trade computers and automobiles with one another? One country does not have an absolute advantage in either product but has a comparative advantage in one product One country has an absolute advantage in one product and a comparative advantage in the other product. One of the countries has a comparative advantage in the production of both products. One of the countries has an absolute advantage in the production of both products. 3. Table) Greece has a comparative advantage in: q219-1.png Sweater only Sweater and skirt Skirt only neither good

Apr 11 2020 View more View Less

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