The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doing

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Q: An opportunity cost is the cost of

A: Formula for Opportunity Cost (OC): OC = Total Revenue (TR) - Economic Profit (EP)

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A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: Understand the opportunity as a product development phase, includes:

A: The following are the stages of a product development process: Generation of product concepts…

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A: Which dimension is related to market competition? The answer is Economic dimension.

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A: A production possibilities curve shows the various combinations of two goods that an economy can…

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A: PPF represents various combination of two goods that can be produced within given resources.

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Q: Evaluation for Production Possibilities Frontier

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A: Opportunity cost: It is the loss of other alternatives when one alternative is chosen.

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A: The production possibility frontier (PPF) is a curve that depicts the variations in the quantities…

Q: Define Production opportunities

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A:

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A: Production possibility frontier depicts the combination of two goods that a nation can produce by…