Annual design and model changes are a form of nonprice competition.

Income tax on the wealthy to finance the welfare for the poor causes income redistribution. This is an example for the trade-off

A) Which goods and services to produce. B) How to produce. C) Who gets the goods and services. D) Who produces the goods and services.

As a society produces more and more of one good, it must give up increasing amounts of the alternative good. This demonstrates the

a. law of demand b. convexity of the production possibilities frontier c. law of increasing opportunity cost d. principle of productive inefficiency e. effects of shifts in the level of technology