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The free- rider problem arises when consumption of a good is
Absolute Advantage
The ability of an individual, company, or country to produce a good or service more efficiently than competitors, using fewer resources.
Opportunity Cost
A different way to describe it would be the cost of missing out on the benefits of the second-best option when a choice is made.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, demonstrating the concept of opportunity cost.
Consumption Possibilities Frontier
A curve depicting the maximum combinations of goods and services a consumer can afford with a given budget, subject to prices.
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