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


D

Economics

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Economics