Explain opportunity cost with the help …
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Meghna Thapar 5 years ago
The Production Possibilities Curve (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services. ... The bowed out shape of the PPC in Figure 1 indicates that there are increasing opportunity costs of production. In other words, it reflects the opportunity cost of producing one good in terms of another good. ... For example, a movement from point B to point C implies that the economy is diverting resources from the production of consumer goods to the production of capital goods.
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