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Explain the law of increasing opportunity cost

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Reference no: EM131521109

One of the tools or models economists use is the production possibilities frontier. Using the production possibilities frontier:

  • Explain the law of increasing opportunity cost and its relationship to the shape of the production possibilities frontier
  • Using the concept of comparative advantage and the production possibilities frontier explain why nations trade even when they could produce the product on their own
  • Explain what would happen to the USA's production possibilities frontier if all illegal immigrants holding jobs in the USA were deported.

Reference no: EM131521109

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