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Refer to the figure below. The demand in this figure is
perfectly elastic
perfectly inelastic
unitary elastic
income elastic
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The concept of choice would become irrelevant if
we were dealing with a very simple, one person economy
poverty were eliminated.
scarcity were eliminated.
capital were eliminated.
Production is inefficient
only when an economy is producing inside its production possibility frontier (PPF).
only when an economy is producing at the origin (0.0) on the PPF.
production Is never inefficient.
only when the economy is producing outside the PPF.
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