Figure 3-13
Peru's Production Possibilities Frontier 
-Refer to Figure 3-13.Suppose Peru decides to increase its production of emeralds by 2.What is the opportunity cost of this decision?
Definitions:
Product Variety
The range of different products or variations of a product that a company offers to its customers to meet diverse preferences and needs.
Overstocking
Keeping more items in inventory than is necessary, which can lead to increased holding costs and potential waste.
Understocking
Understocking is the situation where businesses have insufficient inventory to meet demand, leading to potential sales losses and customer dissatisfaction.
Cycle Service Level
The probability of not running out of stock in any one replenishment cycle within a supply chain.
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