What is meant by constant opportunity costs

Assignment Help Macroeconomics

Reference no: EM131900140

Problem

1 How does the comparative-cost concept relate to a nation's production possibilities schedule? Illustrate how differently shaped production possibilities schedules give rise to different opportunity costs.

2. What is meant by constant opportunity costs and increasing opportunity costs? Under what conditions will a country experience constant or increasing costs?

3. Why is it that the preterade production points have a bearing on comparative costs under increasing-cost conditions but not under conditions of constant costs?

Reference no: EM131900140

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