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The question below refers to the following:
A national poll prior to a presidential election determines that 16 states can be classified as Blue (Democratic) , 19 states as Red (Republican) , and 15 states as Purple (undecided) .
What proportion of states are Blue?
Consumer Goods
Products and services that are purchased for personal use or consumption.
Opportunity Cost
The cost of foregoing the next best alternative when making a decision or choosing to allocate resources in a particular way.
Production Possibility Frontier
A graph that shows all the highest possible production levels for two products, based on available resources and technological capabilities.
Increasing Opportunity Costs
The concept that the cost of forgoing the next best alternative increases as resources become more specialized in production.
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