Consider the graph. 10 0 1234 Widgets What best explains the shape of the production possibility frontier in the graph? According to the graph of the production possibilities frontier, what is the opportunity cost of the seventh widget? O about 7 widgets O About 1 gizmo O about 2 widgets about 5 gizmos What best explains the shape of the production possibility frontier in the graph? Producers can move from one point to another on the production possibilities frontier in response to consumers' demands. O The production of widgets and gizmos require the same resources to produce. O Some resources used to produce one of the goods are not as productive when they are used to produce the other good. O This economy has the capacity to produce different combinations of widgets and gizmos.

Consider the graph. 10 0 1234 Widgets What best explains the shape of the production possibility frontier in the graph? According to the graph of the production possibilities frontier, what is the opportunity cost of the seventh widget? O about 7 widgets O About 1 gizmo O about 2 widgets about 5 gizmos What best explains the shape of the production possibility frontier in the graph? Producers can move from one point to another on the production possibilities frontier in response to consumers' demands. O The production of widgets and gizmos require the same resources to produce. O Some resources used to produce one of the goods are not as productive when they are used to produce the other good. O This economy has the capacity to produce different combinations of widgets and gizmos.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

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