AACSB: Analytic Blooms: Apply Difficulty: 2 Medium Learning Objective: 02-06 Describe the concept of the production possibilities curve and how it is used. 166. Suppose you had $1,000 to spend. You choose to spend the money on new clothes rather than on a new surfboard, your second choice or 1,000 lottery tickets, your third choice. Analytic Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-04 Explain and apply the concept of opportunity cost. 167. The law of increasing costs is based on each of the following, except
AACSB: Analytic Blooms: Apply Difficulty: 2 Medium Learning Objective: 02-06 Describe the concept of the production possibilities curve and how it is used. 166. Suppose you had $1,000 to spend. You choose to spend the money on new clothes rather than on a new surfboard, your second choice or 1,000 lottery tickets, your third choice. Analytic Blooms: Apply Difficulty: 3 Hard Learning Objective: 02-04 Explain and apply the concept of opportunity cost. 167. The law of increasing costs is based on each of the following, except
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