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The Supreme Court:
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, reflecting the potential benefits one misses out on when choosing one option over another.
Bowed Outward
Describes a curve on a graph, typically a production possibility frontier, indicating increasing opportunity costs when shifting resources between two goods.
Opportunity Cost
The cost of choosing one option over another, typically the best alternative forgone as a result of making a decision.
Efficient
Efficiency refers to the optimal production and distribution of resources in a way that best meets the needs and desires of consumers.
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