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Tradeoffs and Opportunity Costs: Applying Economic Tools

Tradeoffs and Opportunity Costs: Applying Economic Tools. What is the cost of ordering something at a restaurant?. $18. Production Possibility Frontier Illustrates. Use of an Economic Model to Simplify Use of Economic Concepts: Scarcity Choice Opportunity Cost Growth. Assumptions:.

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Tradeoffs and Opportunity Costs: Applying Economic Tools