Acceptance With Displeasure. It's possible that your boss won't take immediate action like the reaction above__but will make it clear that he or she isn't exactly happy about your resignation. Maybe, for example, she'll mutter a curt, "Thank you for letting me know," followed by two weeks of obvious displeasure or denial that you're leaving__through gruff comments ("You know, you're really leaving us in the lurch") or a refusal to interact with you more than absolutely necessary.
Acceptance With Grace. The best_case scenario__and honestly, the most common reaction__is that your boss will accept your resignation with understanding and sincere congratulations. Your manager will be happy to see that you're advancing your career and moving on to something bigger and better.