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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.
Use the monopoly model to explain how providers are able to charge different groups of patients different prices.
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Determine the term- GDP per capita GDP, being a flow, isn't a measure of the total wealth of a country though a measure of the "income" of country during a certain period of ti
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