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Define opportunity cost....

Define opportunity cost.

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The value of next best alternative foregone
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If the marginal (additional) opportunity cost is a constant, PPC would be

Knowledge Check

  • PPC is concave when marginal opportunity cost

    A
    falls
    B
    remains constant
    C
    rises
    D
    all of these

  • If the marginal (additional) opportunity cost is a constant, PPC would be

    A
    Convex.
    B
    A straight line.
    C
    Backward bending.
    D
    Concave.