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Explain why scarcity forces individuals and society to

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(a) Explain why scarcity forces individuals and society to incur opportunity costs. Give specific examples.

(b) Suppose a chocolate bar manufacturer promotes its products by advertising and opportunity to win a ‘free car’. Is this car free because the winner pays zero for it?

(c) Why is the production possibility frontier bowed outwards? 

Reference no: EM13337259

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