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AP Microeconomics Mkt 1 C a Define Using Graphs As Appropriate the Production Possibilities Curve Ppc and Related Terms B Explain Using Graphs As Questions

Practise reading production possibilities curves, calculating opportunity cost, classifying efficient and unattainable points, and explaining curve shapes and shifts.

Syllabus
Effective Fall 2022
Course
AP Microeconomics

Exam points

  • define a PPC as the attainable output combinations from fully employed scarce resources and technology
  • classify points on, inside, or beyond a PPC as efficient, inefficient, or currently unattainable
  • interpret movement along a PPC as a trade-off between producing more of one good and less of another
  • calculate opportunity cost between output combinations from a PPC graph or production table
  • link a linear PPC to constant opportunity cost and a bowed-out PPC to increasing opportunity cost

AP Microeconomics Mkt 1 C a Define Using Graphs As Appropriate the Production Possibilities Curve Ppc and Related Terms B Explain Using Graphs As Questions question 1

[Maximum number: 1]

What law best describes a production possibilites curve that has a bowed out or concave shape from the origin?

A

The law of productive efficiency

B

The law of diminishing marginal utility

C

The law of increasing opportunity cost

D

The law of supply

E

The law of demand

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