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

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8 Which Of The Following Statements Is True 3 Marks A If A Firm S Production Possibility Frontier Is Concave Then 1 (93.66 KiB) Viewed 44 times

8. 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.