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Assume there is a budget line with bagels on the vertical axis and bananas on the horizontal axis. What happens to the budget line when the price of bagels falls by 10% and the price of bananas falls by 20%?
Domestic Opportunity Cost
The cost of forgoing the next best alternative when choosing to produce a good or service domestically.
Comparative Advantage
The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
Domestic Opportunity Cost
The cost of forgoing the next best alternative use of a country's resources when choosing to produce a particular good or service.
Domestic Supply
The total amount of a good or service that is available from domestic producers within a country, influencing national prices and availability.
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