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Describe and explain a case in which the market does not
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- Provide a definition of each of the following, and the required example, explanation, or graph. A Production Possibility Curve, a definition and a graph showingan increasing opportunity cost of producing Product A as a company produces more of Product B. Changes in quantity demanded vs. changes in market demand (the definition of each and a single graph showing each change). A shift in the market supply curve (definition and graph).“How to allocate limited resources in an efficient way (as emphasized in an introductory economics course)?” Explain how the topics covered in this course can help address this issue.Using a practical example, explain some of the reasons why the market fails to allocate resources efficiently
- Can a market be productively efficient but allocatively inefficient? Why is it bad for a market to be allocatively inefficient? Explain your answers.EM.35 Which of the following is most likely to happen as an economy moves along a production possibility frontier producing more services and fewer goods? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a marginal costs of producing more services will rise, but allocative efficiency may increase. b marginal costs of producing more services will decrease, but allocative efficiency may increase. c marginal costs of producing more services will rise and allocative efficiency will decrease as a result. d marginal costs of producing more services will decrease and the allocative efficiency will increase as a result.Explain the term resource in economics
- Allocative efficiency takes place at every point along the production possibilities frontier. TRUE OR FALSEWhat are the main factors that influence the allocation of land and capital resources in a market economy?What factors contribute to achieving allocative efficiency in a competitive market, and how does it benefit both consumers and producers?