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104) Explain: "The law of increasing additional cost is an inevitable phenomenon in economics."

 

105) Explain the concept of the law of increasing additional cost.

 

106) Explain what is meant by economic efficiency. Does efficiency imply that the fastest production processes or the most powerful equipment must always be used? Explain.

 

107) Why is a point below the production possibilities curve less efficient than a point on that curve?

 

 

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