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bussiness studies > Interpreting Graphical Representation of Opportunity Cost > Flashcards

Interpreting Graphical Representation of Opportunity Cost Flashcards

1
Q

What is Opportunity cost.

A

Opportunity cost is the alternative forgone as a result of making a choice.

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2
Q

What diagram is used to represent Opportunity cost.

A

The Diagram used to represent Opportunity Cost is called a PPC(Production Possibility curve).

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3
Q

Interpret these PPC

A

https://upload.wikimedia.org/wikipedia/commons/thumb/6/67/Production_Possibilities_Frontier_Curve.svg/1200px-Production_Possibilities_Frontier_Curve.svg.png

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