A non-linear (bending) production possibilities model assumes that
A. Some land or labor is more productive in one use than another
B. Technology can advance
C. the opportunity cost of producing more of something will remain constant
Cost of Production:
In economics, the cost of production is the overall expense that a firm incurs to manufacture its final produce. This cost includes both the fixed and variable production costs.
Answer and Explanation: 1
The correct option is A. Some land or labor is more productive in one use than another.
We know that a linear production possibility model shows...
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 11 / Lesson 27
Learn about the production function. Read the production function definition in economics, learn the production function formula. Plus, see graphs and examples.