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Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
The curve is bowed-out because some resources are better suited for the production of one good (e.g. butter) rather than the other (e.g. guns). And as we try to produce more and more of the other good (e.g. guns), it takes enhancing amounts of resources to do so and therefore we incur increasing opportunity costs.
What is the difference between 'quantity supplied' and 'supply'? There is a distinction among supply and quantity supplied. Supply explains the behavior of sellers at every pr
what is lemda in marginal utility. And how does it affect the consumption
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Suppose that the quantity theory of money holds & the velocity of money are constant at 5. Output is fixed at its full employment value of 10,000 & the price level is 2. a) Ver
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