The bowed shape of the production possibilities curve explains

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January 11th, 2018

The bowed shape of the production possibilities curve explains:a) that demand is relatively inelastic.b) the law of increasing marginal cost.c) that production is unattainable.d) that production is inefficient.Students choose to study because the marginal benefit is greater than the:a) marginal revenueb) marginal costc) total costd) expected costTransaction costs are included as a component of:a) marginal costsb) variable costsc) fixed costsd) None of these

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