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SLOPE, PRODUCTION POSSIBILITIES CURVE: The numerical value of the slope of the production possibilities curve is the opportunity cost of producing the good measured on the horizontal axis.

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ASSUMPTIONS, PRODUCTION POSSIBILITIES

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for strangers with large satchels of used undergarments.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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