Which of the following statements is true? (3 marks) (a) If a firm's production possibility frontier is concave, then it

[answerhappygod]

Which Of The Following Statements Is True 3 Marks A If A Firm S Production Possibility Frontier Is Concave Then It 1 (36.47 KiB) Viewed 36 times

Which of the following statements is true? (3 marks) (a) If a firm's production possibility frontier is concave, then it must face decreasing opportunity costs and increasing returns. (b) If a firm's production possibility frontier is convex, then it must face decreasing opportunity costs and decreasing returns. (c) If a firm's production possibility frontier is concave, then it must face increasing opportunity costs and decreasing returns. (d) If a firm's production possibility frontier is linear, then it must face increasing opportunity costs and constant returns.