Because you can get more of one good only by giving up some of another good, the shape of a production possibility curve is:

A price floor set below the equilibrium price will cause which of the following?

A) an increase in demand B) a shortage C) a surplus D) none of the above

Rent-seeking behavior results in

a. increased economic activity by promoting efficiency. b. lower economic activity by diverting resource to less-productive uses. c. a more equitable distribution of income and wealth. d. lower prices throughout the economy. e. greater income and wealth in the private sector.