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1. A society is able to produce two goods - chairs, and computers.
If all of the factors of production are utilized, this society can produce 1,000 chairs or 750 computers.
i) Construct and Label a PPC for this society?
ii) Label a point (A) on the graph that would represent an unattainable level of output, a point (B) that would represent full use of resources, and a point (C) that would represent an inefficient level of output?
iii) Illustrate the effect that an increase in population would have on this PPC?
2. Compare Perfect competition and Monopolistic competition in the Short-run and Long-run with regard to efficiency and Profit level? Support it with examples.
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