3. The shape of the production possibility curve is outwardly convex because(A) Opportunity cost increases.(B) Opportunity cost decreases.(C) Investment opportunities increase.(D) Government efficiency decreases.

8. Assume the law of supply and the law of demand hold for a particular good. Whenthe price of the production factors for this good increases:(A) Both consumer surplus and producer surplus will increase.(B) Both consumer surplus and producer surplus will decrease.(C) Consumer surplus will increase, and producer surplus will decrease.(D) Consumer surplus will decrease, and producer surplus will increase.

3. The shape of the production possibility curve is outwardly convex because
(A) Opportunity cost increases.
(B) Opportunity cost decreases.
(C) Investment opportunities increase.
(D) Government efficiency decreases.

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