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Exhibit 29-1 -According to the Data in Exhibit 29-1, the Opportunity Cost

question 103

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Exhibit 29-1 Exhibit 29-1   -According to the data in Exhibit 29-1, the opportunity cost of producing one more unit of good A in China is A) 3 units of good B. B) 2 units of good B. C) 5 units of good B. D) 1/2 unit of good B. E) 1/3 unit of good B.
-According to the data in Exhibit 29-1, the opportunity cost of producing one more unit of good A in China is

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Definitions:

Normal Good

A normal good is one whose demand increases as consumer income rises and decreases when consumer income falls, holding other factors constant.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, opposite to normal goods.

Complements

Complements are goods or services that are used together, so that the consumption or use of one increases the demand for the other.

Durable Good

A type of good that does not quickly wear out and is capable of being used for a period of time, often years, before needing replacement.

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