Question: The efficient frontier has a concave shape (i.e. a bulging shape) because: The cost of improved quality increases in the level of quality The cost

The efficient frontier has a concave shape (i.e. a bulging shape) because:

The cost of improved quality increases in the level of quality

The cost of differentiation is increasing with lower efficiencies

Improving quality is easier if one is already operating at high levels of quality

There can only be one firm at the efficient frontier in a given market

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