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In 2009, an agricultural company introduced a new cropping process which reduced the cost of growing some of its crops. If sales in 2008 and 2009 were steady at $30 million, but the gross margin increased from 2.8% to 3.9% between those years, by what amount was the cost of sales reduced?
Outward Shift
A movement of a curve away from the origin on a graph, typically indicating an increase in supply or demand.
Comparative Advantage
The proficiency of an individual or group in executing a certain economic function more effectively than other tasks.
Lowest Cost
The scenario in which the expenditure required to achieve a certain objective or to purchase goods and services is minimized.
Opportunity Cost
The act of sacrificing possible gains from alternative decisions when one is made.
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