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Describe in short bu clear your understanding concerning the following concepts:a. Opportunity Costb. Rational People Think at the Marginc. Diminishing Marginal Utilityd. Marginal Rate of
Describe in short bu clear your understanding concerning the following concepts:a. Opportunity Costb. Rational People Think at the Marginc. Diminishing Marginal Utilityd. Marginal Rate of Substitutione. Production Possibilities Frontierf. Factors of Productiong. Normative Statementh. Diamond-Water Paradoxi. Ceteris Paribusj. Long Run Average Cost (LRAC) curve
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