Figure 2-1 -Refer to Figure 2-1.What Do the Outer Arrows Represent in Arrows

question 250

Short Answer

Figure 2-1
-Refer to Figure 2-1.What do the outer arrows represent in the figure?

---

Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing an action.

Autos

Short for automobiles, referring to passenger vehicles designed for personal transportation.

Opportunity Cost

The value of the next best alternative forgone as the result of making a decision.

Production Alternative

Different ways in which a firm could allocate its resources to produce various goods or services.