Examlex
What is economic surplus? When is economic surplus at a maximum?
Opportunity Cost
The cost of foregone alternatives; the value of the best alternative given up when a decision is made to choose one option over another.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs, representing the trade-off between different choices in the allocation of resources.
Opportunity Cost
Giving up possible gains from several options by choosing a particular one.
Bowed Outward
A description of the shape of a curve on a graph, such as the production possibilities frontier, indicating increasing opportunity costs.
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