The difference between a good and a service is that:

An outward shift of the production possibilities frontier _____

Suppose a market is in equilibrium. If a price ceiling is set by the government below the equilibrium price, which of the following is most likely to occur?

Economics:

Exhibit 2.2​Refer to Exhibit 2.2, which shows the production possibilities frontier for Good A and Good B. If all of the economy’s resources are used efficiently to produce only Good B, then the economy will be at point _____.

Natural resources _____

At all points along the production possibilities frontier, _____

Table 4.3The table below shows the quantity supplied and the quantity demanded of a good at different prices. If the market price of the good is $1.20, there will be a _____.

Which of the following have their profits taxed twice?

Economists assume that the objective of households is to _____