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Question 1 Draw and label a production possibility frontier (PPF) diagram Use your diagram to explain the following concepts scarcity choice opportunity cost State three

Question 1

Draw and label a production possibility frontier (PPF) diagram
Use your diagram to explain the following concepts

scarcity

choice

opportunity cost

State three assumptions on which the PPF is based

Use the PPF diagram to distinguish among the following level of production

Efficient

Inefficient

Unattainable

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