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Question
Which of the following statements is true of the efficiency frontier?
A. To maximize its profitability, a firm should avoid a position that lies on the efficiency frontier.
B. Not all positions on the efficiency frontier are viable.
C. The efficiency frontier is a function of the cost and revenue of a product.
D. Positions inside the frontier are more efficient than the positions that are located on the frontier.
E. It is always concave in shape because of diminishing returns.
Answer
This answer is hidden. It contains 159 characters.
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