Examlex
What is meant by menu costs?
Rancher
A person who owns or manages a ranch, where livestock such as cattle or sheep are raised for meat or wool.
Production Possibilities
A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.
Opportunity Cost
Forgoing possible gains from alternative paths when one path is chosen.
Farmer
An individual engaged in agriculture, raising living organisms for food or raw materials.
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