Micro 1-24

Micro 1-24 - socially unacceptable. (owning ivory is...

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Micro 1-24 Resource Allocation Who gets what of scarce resources is decided by price, usually. Other things are decided by government ration (flu vaccines, to make sure the elderly and children get it who need it the most) Social norms. Some people wont buy something or do something because its illegal or
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Unformatted text preview: socially unacceptable. (owning ivory is illegal. And because its socially unacceptable/illegal, the black market price will be driven very high) True cost = explicit cost + OppCost Production possibility curve= production possibility frontier ppf...
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This note was uploaded on 04/30/2008 for the course ECON 200 taught by Professor Park during the Spring '08 term at American.

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