Define marginal opportunity cost (MOC) along a PPC.

Solution

MOC of a particular good, say x, is the amount of the other good, say y, which is sacrificed for production of additional unit of that particular good (x).

Some More Questions From Introduction Chapter

Briefly state meaning of the following terms as used in economics.
1. Economy (D 2010 C), 2. Goods, 3. Services, 4. Wants, 5. Resources,
6. Households, 7. Firms, 8. Commodities, 9. Production, 10. Consumption

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Introduction

Define marginal opportunity cost (MOC) along a PPC.

Some More Questions From Introduction Chapter

Briefly state meaning of the following terms as used in economics.
1. Economy (D 2010 C), 2. Goods, 3. Services, 4. Wants, 5. Resources,
6. Households, 7. Firms, 8. Commodities, 9. Production, 10. Consumption

Explain central problems with the help of PP curve. How does PP curve help in explaining the central problems?

(i) Why is PP curve downward sloping from left to right? (D 2006C)

(ii) Why does PP curve look concave to the origin?

Can the PP curve shift?

State factors which cause rightward (upward) shift of PP curve.

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

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NCERT Sample Papers

Entrance Exams Preparation

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For Daily Free Study Material Join wiredfaculty

Introduction

Define marginal opportunity cost (MOC) along a PPC.

Some More Questions From Introduction Chapter

Briefly state meaning of the following terms as used in economics.1. Economy (D 2010 C), 2. Goods, 3. Services, 4. Wants, 5. Resources,6. Households, 7. Firms, 8. Commodities, 9. Production, 10. Consumption

Explain central problems with the help of PP curve. How does PP curve help in explaining the central problems?

(i) Why is PP curve downward sloping from left to right? (D 2006C) (ii) Why does PP curve look concave to the origin?

Can the PP curve shift?

State factors which cause rightward (upward) shift of PP curve.

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation

Briefly state meaning of the following terms as used in economics.
1. Economy (D 2010 C), 2. Goods, 3. Services, 4. Wants, 5. Resources,
6. Households, 7. Firms, 8. Commodities, 9. Production, 10. Consumption

(i) Why is PP curve downward sloping from left to right? (D 2006C)

(ii) Why does PP curve look concave to the origin?