How could goals of equity and economic efficiency conflict

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Reference no: EM13395711

a. Describe in words how a production possibilities curve illustrates 1) scarcity, 2) opportunity cost and 3) economic efficiency?

b. How could the goals of equity and economic efficiency conflict with one another (i.e., if one is enhanced the other diminishes as a result)?

c. Explain at least three ways in which the aggregate standard of living can rise.

Reference no: EM13395711

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