Question

a production possibilities frontier with a bowed outward shape indicates the possibility of inefficient production. increasing opportunity costs as more and more of one good is produced. constant opportunity costs as more and more of one good is produced. decreasing opportunity costs as more and more of one good is produced. question 10 the slope of a production possibilities frontier has no economic relevance or meaning. can measure the opportunity cost of producing one more unit of a good. is always varying. is always constant.

Explanation:

• For the first question: A bowed - outward production possibilities frontier (PPF) implies that as more of one good is produced, the opportunity cost of producing an additional unit of that good increases. This is because resources are not equally efficient in producing all goods. Inefficient production is represented by points inside the PPF. A straight - line PPF (not bowed) would indicate constant opportunity costs, and there is no economic basis for a PPF to show decreasing opportunity costs as more of a good is produced.
• For the second question: The slope of the PPF represents the opportunity cost. Mathematically, if we have two goods \(X\) and \(Y\), the slope \(\frac{\Delta Y}{\Delta X}\) (where \(\Delta Y\) is the change in the quantity of \(Y\) and \(\Delta X\) is the change in the quantity of \(X\)) shows how much of \(Y\) is given up to produce one more unit of \(X\). A straight - line PPF has a constant slope (constant opportunity cost), while a bowed - out PPF has a varying slope (increasing opportunity cost). So, the slope is not without economic meaning, and it is not always varying (in the case of a straight - line PPF) or always constant (in the case of a bowed - out PPF).

Answer:

• First question: increasing opportunity costs as more and more of one good is produced.
• Second question: can measure the opportunity cost of producing one more unit of a good.