When a profit-maximizing firm is earning profits, those profits can be identified by

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.

The demand for the product of a competitive price-taker firm is:

a. perfectly inelastic. b. perfectly elastic. c. greater than zero but less than one. d. dependent on the availability of substitutes for the firm's product.