Use a diagram(s) to explain how a production possibility curve can be used to show opportunity cost and why such a curve is usually drawn with increasing opportunity costs.

Economics

IGCSE&ALevel

CAIE

Exam No：9708_w21_qp_22 Year：2021 Question No：2(a)

Answer:

1.1.3 nature and definition of opportunity cost, arising from choices

1.5.1 nature and meaning of a production possibility curve (PPC)

1.5.2 shape of the PPC: constant and increasing opportunity costs

1.5.4 significance of a position within a PPC

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