Illustrate what does the concept of opportunity cost

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Reference no: EM1337700

1. What entity establishes a price floor and does it require government sanction for violators? Will it result in a surplus or a shortage?

2.Define equilibrium in terms of the following:
-The plans of suppliers and demanders
-The budget line and the indifference curve.

3. What does the concept of opportunity cost indicate? Consider how the production of one good affects the possible production level of other goods.

Reference no: EM1337700

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