Asked by
Raymond Yates
on Nov 11, 2024
Verified
The figure given below shows the production possibilities frontier for education and food.In The opportunity cost of moving from point c to point b is _____.
A) 3 units of food
B) 22 units of education
C) 1 unit of food
D) 12 units of education
E) 62 units of education
Opportunity Cost
The benefit that is missed out on when choosing one alternative over another.
Moving From Point
The action of changing positions or conditions, often used in the context of shifting from one economic state or decision point to another.
- Explain the concept of opportunity cost and its relationship to the PPF.
Verified Answer
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Learning Objectives
- Explain the concept of opportunity cost and its relationship to the PPF.