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The Production Possibilities Frontier Is Typically Drawn So That It

Question 1

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The production possibilities frontier is typically drawn so that it has a bowed-out shape, or concave to the origin. This shape implies that:


A) it becomes increasingly costly to expand production of one good the more of society's resources are taken from other sectors of the economy.
B) the more of a product is produced, the less costly it becomes.
C) production is characterized by decreasing costs.
D) Both b and c
E) None of the above.

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