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Exhibit 2.4​Refer to Exhibit 2.4, which shows the production possibilities frontier for mufflers and socks. The opportunity cost of moving from point b to d is _____

A system which is characterized by the private ownership of resources and the use of prices to coordinate economic activity in unregulated markets is known as a _____

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 _____.

If a good is inferior, an increase in income would shift the _____

Government antitrust laws were designed to _____

Households act as suppliers when they provide _____

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A cost that has already been incurred and cannot be recovered is known as a(n)_____

The law of demand implies that _____

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