Question

Production possibility curves are upward sloping because increased production of one good implies reduced production of other goods.

Group of answer choices

True

False

Answer 1

False.

A production possibility curve represents the production of two type of goods in any economy over a given period of time in various combinations

Its shape is bowed outwards not upward sloping

It follows the law of increasing opportunity cost which says that for producing some quantity og one good, the other good has to be sacrificed in some quantity

The example of upward sloping can be demand curve in which there is inverse relationship between price and quantity demanded