Question : When there is a growth of resources, a concave "production possibility curve" will:
Option 1: shift leftward
Option 2: shift rightward
Option 3: become straight
Option 4: become convex
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Correct Answer: shift rightward
Solution : The correct answer is shift rightward .
A shift in the demand curve occurs when there is a change in the underlying factors influencing demand. An increase in demand is reflected by a shift to the right, indicating higher quantities demanded at each price level. Several factors can contribute to this shift, such as increased consumer preferences, higher incomes, or reduced prices of complementary goods. Conversely, a leftward shift implies decreased demand, often due to factors like reduced consumer income or increased prices of substitutes.
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