Each point on a production possibilities frontier represents an efficient allocation of resources in an economy at one point in time.
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Q12: Higher prices can discourage use/consumption, which in
Q13: Economists believe having higher prices for scarcer
Q14: Scarcity is illustrated graphically by a production
Q15: Points below the production possibilities frontier are
Q16: There is only one efficient allocation of
Q18: Higher efficiency in the economy can be
Q19: Scarcity limits the volume of goods that
Q20: Price decreases always increase economic efficiency.
Q21: Command economies strictly rely on sophisticated input-output
Q22: Distribution is a major question to be
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