Describe in words how a production possibilities curve illustrates 1) scarcity, 2) opportunity cost and 3) economic efficiency?

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a.  Describe in words how a production possibilities curve illustrates 
1) scarcity, 2) opportunity cost and 3) economic efficiency? (200 words)

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b.  How could the goals of equity and economic efficiency conflict with one another (i.e., if one is enhanced the other diminishes as a result)? (200 words)

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c.  Explain at least three ways in which the aggregate standard of living can rise. (200 words)

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