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What is an economic choice, and why do all economic choices

Question : What is an economic choice, and why do all economic choices : 7521

What is an economic choice, and why do all economic choices involve opportunity cost? I once heard someone say that freedom was "whatever I want, as much as I want to, whenever I feel like it" What does economics have to say about this definition of freedom? Acme is a firm that produces knockoffs of slinkies. If the price of the knockoff slinky is $10, Acme will produce 2, 200 units of slinkies. If the price fell to $6, Acme would make only 1, 600 units of the good. Consider the nature of the relationship between price and quantity supplied for slinkies. Is the relationship positive or negative? Discuss the probable causation, if any. Consider the slope of the graph. What is the slope? This graph is talking to you. Take the information on the graph and try to put that information into words which precisely explain what the graph is telling you How does the production possibilities frontier illustrate scarcity? The production possibilities diagram is talking to you about scarcity. Translate what it is saying into words. How does the production possibilities frontier illustrate scarcity? How does the production possibilities frontier illustrate opportunity cost? The production possibilities diagram is talking to you about opportunity cost. Translate what it is saying into words. How does the production possibilities frontier illustrate opportunity cost? Listen even more closely. How does the production possibilities frontier illustrate the law of increasing marginal opportunity cost? What economic principle is the reason for the law of increasing marginal opportunity cost?

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