Illustrate what is the opportunity cost

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Reference no: EM1355611

Suppose the economy initially produces 3,300 bushels of wheat and 1,500 garments of clothing, which is represented by point A. Society then decides it wants to produce 1,000 more garments of clothing, so the economy moves from point A to point B.

Illustrate what is the opportunity cost of 1,000 garments of clothing in the range between points A and B?

 

Reference no: EM1355611

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