Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Introduction:
OPPORTUNITY COST:
Opportunity cost is the benefit lost by an individual, investors, or business for choosing one alterative for another. It is the forgone benefit that would have been derived by the option not selected.
PRODUCTION POSSIBILITY COST:
Production possibility curve or PPC is the representation of possibilities of the production of two commodities with fixed resources. The production of one commodity can be increased only by scarifying the production of another commodity.
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