A three-word synonym for the term ceteris paribus is

A typical concave (bowed out from the origin) production possibilities curve implies:

A. that economic resources are unlimited. B. that society must choose among various attainable combinations of goods. C. decreasing opportunity costs. D. that society is using a market system to allocate resources.

An industry is likely to be an increasing-cost industry when

a. all firms are identical. b. it represents a negligible fraction of the total demand for inputs. c. industry expansion permits the development of supporting subindustries. d. some firms are more efficient than others.