Draw a production possibilities model with four points labeled ABCD one inside two on the outside the production possibility curve explain the four points in term of scarcity choice and efficiency

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Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.