From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. Question 61 options: Represents a situation where it is possible to increase production in one area without reducing in another The difference between the maximum price a person is willing and able to pay and the actual price he/she paid Total utility declines as the quantity consumed of a good increases Price elasticity of demand for good X is 2.5 A downward sloping curve that is bowed outward If Hurricane Harvey reduces both demand and supply of natural gas Income declines A small increase in price of a good reduces quantity demanded to zero "There is no such thing as a free lunch" Although increased government investments in infrastructure saved or created 1.1 million jobs in construction industry and 400,000 jobs in manufacturing by March 2011, the U.S. unemployment rate for the month was still 8.8% 1. Each time a choice is made opportunity costs are incurred. 2. A positive macroeconomics statement. 3. A PPF with increasing opportunity cost 4. Productive inefficient 5. A normative microeconomics statement 6. A PPF with constant