A point on the production possibilities curve represents a combination of goods that is

If the demand for a good is relatively elastic, this means that consumer purchases of the good are

The opportunity cost of an activity

If the demand for a good is relatively inelastic, this means that consumer purchases of the good are

Willingness to pay

In economics, transaction costs refer to the

Economists generally oppose government price controls because

The most fundamental concept in economics is that

The economic way of thinking is

Entrepreneurs are