We have 325 guests and no members online
The answer must include the following:
Definition of opportunity cost: the (next) best alternative foregone as a result of making a decision
Diagram of production possibility curve – axes correctly labelled and curve correct shape (bowed out or straight downward sloping)
Explanation – idea of moving along one axis has the effect of a reverse movement along the other axis
We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.