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Questions and Answers
What is the term used to describe the value of the next best alternative that is given up when a choice is made?
What is the term used to describe the value of the next best alternative that is given up when a choice is made?
- Production possibility curve
- Opportunity cost (correct)
- Economic system
- Scarcity
Which concept refers to the limited availability of resources to satisfy unlimited wants?
Which concept refers to the limited availability of resources to satisfy unlimited wants?
- Scarcity (correct)
- Decision making units in closed economic
- Economic system
- Choice
What does the production possibility curve illustrate?
What does the production possibility curve illustrate?
- Opportunity cost (correct)
- Decision making units in closed economic
- Economic definition
- Scope of economics
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