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{"ops":[{"insert":"Question 1\n(a) An economy is at the brink of running out of an important natural resource at a time when it is introducing improved technology. Explain how these events will affect the economy\u2019s production possibility curve.\n(b) Explain using a PPF why scarcity makes choices inevitable for the firms and how each choice has an opportunity cost?\n(c) How are resources allocated in a market economy?\n(d) What are the possible undesirable outcomes of a pure market economy?\n(e) Explain the meaning of \u201cpublic good\u201d and \u201cprivate good\u201d. Can a free market provide a public good?\n"}]}
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