Suppose you are choosing between milk and cookies. If the opportunity cost of cookies in terms of
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shift inward
rotate inward.
shift outward
rotate outward
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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The budget line will rotate outward Opportunity cost refers to the units of goods that is sacrificed ...View the full answer
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