Technological Progress Makes the Production Possibilities Frontier

question 403

Multiple Choice

Technological progress makes the production possibilities frontier

• A) shift inward toward the origin.
• B) shift outward from the origin.
• C) become less linear and more bowed.
• D) become more linear and less bowed.

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Definitions:

Billed

The process of sending or presenting an invoice to customers for goods or services provided.

Customers

Persons or organizations that buy products or services from a company.

Supplies Account

An account that tracks the cost of supplies consumed or on hand.

Adjusting Entry

An accounting record entry made at the conclusion of an accounting period to distribute income and expenses to the correct period.