When the production possibilities frontier bows outward from the origin
A) some of society's resources are unemployed.
B) opportunity costs are constant.
C) opportunity costs are increasing.
D) opportunity costs are decreasing.
C
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Technological advancements have led to lower prices and an increase in the sale of color laser printers. How does this affect the market for traditional inkjet printers?
A) The demand curve for inkjet printers shifts to the right. B) The demand curve for inkjet printers shifts to the left. C) The quantity of inkjet printers demanded increases. D) The quantity of inkjet printers demanded decreases.
If the implicit costs shown for the firm in the Accounting Profits versus Economic Profits table doubled, the firm’s accounting profits would ______.
a. not be affected
b. decline by an amount equal to the change
c. increase by an amount equal to the change
d. decline to match the firm’s economic profits.