Examlex
The formal planning model emphasizes a bottom-up approach.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.
Marginal Cost
The cost incurred by producing one additional unit of a product.
Concave
A shape or curve that is curved inward, resembling the interior of a circle or sphere.
Production Possibilities Frontier
A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology constraints.
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