JAMB Economics 2017 Objective — Question 10
Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2017 Objective paper, with the correct answer and a full explanation.
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The bowed shape of the Production Possibilities Curve illustrates
- A. that production is inefficient
- B. that demand is relatively inelastic
- C. that production is unattainable
- D. the law of increasing marginal costCorrect
Explanation
The bowed (concave) shape of the PPC reflects the law of increasing (marginal) cost - resources aren't perfect substitutes between goods.
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