The Production Possibility Frontier is generally,A. Convex Shaped Downward SlopingB. Concave Shaped Downward SlopingC. Either (a) or (b)D. Neither (a) nor (b)

The Production Possibility Frontier is generally,A. Convex Shaped Down

1.	The Production Possibility Frontier is generally,A. Convex Shaped Downward SlopingB. Concave Shaped Downward SlopingC. Either (a) or (b)D. Neither (a) nor (b)
Answer» Correct Answer - B B. We normally draw a PPF on a diagram as concave to the origin i.e. as we move down the PPF, as more resources are allocated towards Good Y the extra output gets smaller – so more of Good X has to be given up in order to produce Good YThis is an explanation of the law of diminishing returns and it occurs because not all factor inputs are equally suited to producing items

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The Production Possibility Frontier is generally,A. Convex Shaped Downward SlopingB. Concave Shaped Downward SlopingC. Either (a) or (b)D. Neither (a) nor (b)

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