Question no: 1,2,3,4

1. Explain why the Production possibility curve is concave or bowed out. 2. Explain the income and substitution effects in the law of Demand. Give an example. 3. With the help of a graph, explain the difference between price floors and price ceilings. 4. Compare and contrast "public goods", "private goods", normal goods and inferior goods, substitutes and complementary goods