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You raise your product price by $10 in market A but leave it unchanged in market B.Sales in A fall from 840 units per week to 740 while sales in B rise from 770 to 790.The Difference-in-difference estimate of the effect of the price change is:
Opportunity Cost
The potential benefit missed out on when choosing one alternative over another; essentially, it's the cost of foregoing the next best option.
Individual Choice
Decision-making by individuals based on their preferences, resources, and trade-offs they face.
Productive Capacity
The maximum output that an economy can produce without increasing inflation, driven by available resources and technology.
Specialization
The focus of a business, region, or individual on producing a limited range of goods or services to gain greater efficiency and productivity.
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