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Department
Economics
Course
ECON 102
Professor
Shadab Qaiser
Semester
Winter

Description
Exercise 21 The production possibilities frontier A is the boundary between attainable and unattainable levels of production B is the boundary between what we want to consume and what we want to produce C shows how production increases as prices riseD shows prices at which production is possible and impossible E illustrates why there need not be any scarcity in the world AnswerA2 Which one of the following concepts is not illustrated by a production possibilities frontier A scarcity B monetary exchange C opportunity costD attainable and unattainable points E the tradeoff between producing one good versus another AnswerB3 A point inside a production possibilities frontier A indicates some unused or misallocated resources B is unattainable C is pr
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