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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.3
Unit 1 – Basic Economic Concepts
1.3 Production Possibilities Curve (PPC)
mixed difficulty
What is the opportunity cost of a decision?
The value of the chosen alternative.
The total value of all alternatives considered.
The value of the next best alternative that must be given up.
The total cost of all alternatives considered.
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AP Microeconomics - 1.3 Production Possibilities Curve (PPC)
Key terms
Opportunity Cost
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