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Increasing the length of wait time typically results in more
Production Possibilities Frontier
A depiction that captures every maximum production possibility for two specific commodities, predicated on a range of inputs that includes resources and additional variables.
Opportunity Costs
The expense incurred from not selecting the next most favorable choice when a decision is taken or preferring one alternative over another.
Efficient
The characteristic of a resource allocation that maximizes the total surplus received by all members of society.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming efficient use of resources.
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