The figure given below shows the production possibilities frontier for education and food.In The opportunity cost of moving from point c to point b is _____.
Definitions:
Unitary Elastic
In economics, it describes a situation where a change in the price of a good or service results in a proportional change in the quantity demanded or supplied.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers at each price level.
Product
Any good, service, or idea that can be offered to a market to satisfy a want or need.
Substitutes
Products or services that can replace or be used in place of one another.
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