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Patrick wakes up one morning to find that he has developed an enormous pimple right on the end of his nose. All throughout the school day he is absolutely sure that everyone is staring at the blemish, when in reality almost nobody cares enough about it to even look. Patrick's certainty that he is the focus of others' attention demonstrates ____.
Opportunity Costs
Opportunity costs represent the benefits an individual, investor, or business misses out on when choosing one alternative over another.
Natural Disaster
A sudden and extreme event caused by natural processes of the Earth that can result in significant damage and loss.
Inward Shift
A decrease in the potential output of a good or service, often represented by a shift to the left of its supply or demand curve.
Production Possibility Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, assuming efficient use of resources.
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