Multiple Choice
Production possibilities frontiers are typically concave (bowed out) from the origin because
A) of the law of supply
B) there is usually a one-for-one trade-off in resources used in production
C) economies of scale enable firms to reduce the average costs of production as output rises
D) the opportunity cost of a good rises as the quantity of the good produced increases
E) resources are often left idle in the firm
Correct Answer:

Verified
Correct Answer:
Verified
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