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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

  1. Draw and label a production possibility frontier (PPF) diagram
    1. Use your diagram to explain the following concepts
      1. scarcity
      2. choice
      3. opportunity cost
  2. State three assumptions on which the PPF is based
  3. Use the PPF diagram to distinguish among the following level of production
    1. Efficient
    2. Inefficient
    3. Unattainable

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