Solved: How could goals of equity and economic efficiency conflict, Microeconomics

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How could goals of equity and economic efficiency conflict

Discussion:

a. Describe in words how a production possibilities curve illustrates 1) scarcity, 2) opportunity cost and 3) economic efficiency? (200 words)

b. How could the goals of equity and economic efficiency conflict with one another (i.e., if one is enhanced the other diminishes as a result)? (200 words)

c. Explain at least three ways in which the aggregate standard of living can rise. (200 words)

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