A production possibilities frontier with increasing opportunity cost is considered _________ and one with constant opportunity cost is considered…
A production possibilities frontier with increasing opportunity cost is considered _________ and one with constant opportunity cost is considered _____________.
| A. | concave; convex. |
| B. | convex; concave. |
| C. | concave; a straight line. |
| D. | vertical; horizontal |
- Total surplus is calculated as:
A.consumer surplus plus market efficiency.B.producer surplus plus deadweight loss.C.consumer surplus plus deadweight loss.D.producer surplus plus consumer surplus.
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