Table 3-3
Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate.
-Refer to Table 3-3.Suppose Zimbabwe decides to increase its production of toothbrushes by 10.What is the opportunity cost of this decision?
Definitions:
Supply Curves
An illustrative chart showing how the price of a product or service correlates with its supply during a certain period.
Law Of Supply
An increase in the price of a product will increase the quantity of it supplied; and conversely for a decrease in price.
Quantity Supplied
The quantity of a product that suppliers are ready and capable of offering for sale at a certain price during a defined timeframe.
Equilibrium Quantity
The quantity of goods or services supplied that is exactly equal to the quantity demanded at the market equilibrium price.
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