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The first principle of economics discussed in Chapter 1 is that people face trade-offs. The following production possibilities frontier illustrates society's trade-offs between spending money

The first principle of economics discussed in Chapter 1 is that people face trade-offs. The following production possibilities frontier illustrates society's trade-offs between spending money on two "goods": a clean environment and the quantity of industrial output.

Show what happens to the production possibilities frontier (PPF) if new technology develops that makes cleaning the air cheaper.

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