The law of increasing opportunity costs is reflected in a production possibilities curve that is:
A. an upsloping straight line.
B. a downsloping straight line.
C. bowed out from the origin.
D. bowed in toward the origin.
Answer: C
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A) is a promise. B) is a contractual arrangement between parties. C) is when one party states that they will not play a game that ends in a prisoner's dilemma. D) is when a party states that they will engage in a certain type of behavior regardless of what others do.
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a. increased; increased b. decreased; decreased c. increased; decreased d. decreased; increased