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    Preeti Kumari
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    This 3-sentence summary provides an overview of the key points about production possibility curves and opportunity cost from the document: A production possibility curve illustrates the combinations of two goods an economy can produce when resources are fully and efficiently utilized, showing that increasing output of one good requires reducing the quantity of the other good due to scarce resources. The steepest part of the curve shows the highest opportunity cost, where sacrificing one more unit of a good requires giving up the most units of the other good. When demand increases, prices rise as consumers bid resources away from other goods to the now more desirable good.

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    ans 1 eco

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    This 3-sentence summary provides an overview of the key points about production possibility curves and opportunity cost from the document: A production possibility curve illustrates the combinations of two goods an economy can produce when resources are fully and efficiently utilized, showing that increasing output of one good requires reducing the quantity of the other good due to scarce resources. The steepest part of the curve shows the highest opportunity cost, where sacrificing one more unit of a good requires giving up the most units of the other good. When demand increases, prices rise as consumers bid resources away from other goods to the now more desirable good.

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    © All Rights Reserved
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    11 views5 pages

    Ans 1 Eco

    Uploaded by

    Preeti Kumari
    This 3-sentence summary provides an overview of the key points about production possibility curves and opportunity cost from the document: A production possibility curve illustrates the combinations of two goods an economy can produce when resources are fully and efficiently utilized, showing that increasing output of one good requires reducing the quantity of the other good due to scarce resources. The steepest part of the curve shows the highest opportunity cost, where sacrificing one more unit of a good requires giving up the most units of the other good. When demand increases, prices rise as consumers bid resources away from other goods to the now more desirable good.

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    of 5

    Date:

    Page No

    DATE TIME OF EXAMI NATION 2 Dec2021 2.3O P M


    EXAMINATION RoLL No:190655032555
    NAME OE THE PROGRAM2 (C503)-Lcac) 6-CoM(PRO)
    SEMESTER: V¢h
    UNIQUE PAPER CODE: 6 2 275304
    TTLE OF THE PAPERA5 Psinuhles of Mic20
    Lconomics
    Date
    Page No

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