A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production.
B) constant opportunity costs as more and more of one good is produced.
C) increasing opportunity costs as more and more of one good is produced.
D) decreasing opportunity costs as more and more of one good is produced.
Answer: C
Economics
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If price is cut and demand is elastic, then
A) total revenue will fall. B) total revenue will not change. C) quantity demanded will fall. D) total revenue will rise.
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