Economists believe having higher prices for scarcer resources promotes efficiency.
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Q8: Production at points beyond the production possibilities
Q9: Lower prices are a signal of the
Q10: In a market system, prices are used
Q11: Efficient allocation of resources makes everyone better
Q12: Higher prices can discourage use/consumption, which in
Q14: Scarcity is illustrated graphically by a production
Q15: Points below the production possibilities frontier are
Q16: There is only one efficient allocation of
Q17: Each point on a production possibilities frontier
Q18: Higher efficiency in the economy can be
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