-Refer to the above production possibilities curves.Given production possibilities curve (a),point Y indicates that society is failing to use available resources efficiently.
Definitions:
Without Controls
a situation where no regulations or restrictions are imposed on the functioning of markets or economies.
Price Ceiling
A government-imposed limit on how high a price is charged for a product, aimed at preventing prices from becoming excessively high.
Inefficiency
The state of not achieving maximum productivity or economic benefit, where resources are not used in the most effective way.
Market
Any structured system or venue where parties engage in exchange of goods, services, or information.
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