Use the following to answer question(s): Production Possibilities in Alphaland and Omegaland

-(Exhibit: Production Possibilities in Alphaland and Omegaland) Opportunity costs in the two countries can be determined by comparing the _______ of their respective _______curves.

Question

Use the following to answer question(s): Production Possibilities in Alphaland and Omegaland
 
-(Exhibit: Production Possibilities in Alphaland and Omegaland) Opportunity costs in the two countries can be determined by comparing the _______ of their respective _______curves.

Quizplus · Accepted Answer

Opportunity cost is the cost of choosing one alternative over another. In this case, opportunity costs in Alphaland and Omegaland can be determined by comparing the slope of their respective production possibilities curves. The slope of the curve represents the opportunity cost of one good in terms of the other.

Use the Following to Answer Question(s): Production Possibilities in Alphaland