Question: What does ceteris paribus mean in economics? Explain your answer. How do you distinguish a good from a service? What do economists mean by rational

  1. What does ceteris paribus mean in economics? Explain your answer.
  2. How do you distinguish a good from a service?
  3. What do economists mean by rational behavior?
  4. Why money is not considered a capital good in economics?
  5. What does a production possibilities frontier (PPF) show? Why a combination below PPF is called inefficient?

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