Production possibilities curve-free markets

Reference no: EM1367784

Problem 1: Using either a graph or table, use two goods to construct a production possibilities curve. Clearly explain what a variety of different points on the curve mean. What would make the curve expand or contract? Why is efficiency lost at the extremes, as when substantially more of one good and very little of another is produced?

Problem 2: Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present

Reference no: EM1367784

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