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- The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingThe field of economics is derived from the fact that humans all make rational choices. humans are self-interested. humans respond to incentives. the world has limited resources.Use the following figure to answer the question below. Corn 80 Production Possibilities Frontier A Point A in the figure above is B 00 80 Green Beans
- From these possibile issues, which is a microeconomic one? The Chinese economy experiences rapid economic growth. The U.S. government cuts taxes to stimulate the economy in a recession. Inflation skyrockets in Venezuela. The unemployment rate increases in Bulgaria. The price of gasoline rises in the United States this month.How does the scarcity of resources affect the firm’s decision making? Justify your answer through discussing specific situations.Economic is a social science that is considered a precise art.