Answer both questions

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Question A

Problem 6 in the “Problems to Ponder” section at the end of chapter 7 asks you to consider two definitions of opportunity cost. Explain the meaning of both of them. Discuss.

Question B

Problem 8 in the “Problems to Ponder” section at the end of chapter 6 is an application of price ceilings on consumer goods. What would be the effect of such a policy? Discuss.

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    phyllis young
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