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Label each component of the circular flow diagram. Goods and Markets for Services Goods and Services Money Factors Firms Households Markets for Factors of ProductionAccording to the graph of the production possibilities Gizmos frontier, what is the opportunity cost of the first widget? 10 O About four gizmo(s) O About eight widget(s) O Less than one-half gizmo(s) O About one widget(s) N What best explains the shape of the production possibility frontier in the graph? 0 1 2 3 4 5 6 7 8 9 10 Widgets O This economy has the capacity to produce different combinations of widgets and gizmos. O The production of widgets and gizmos require the same resources to produce. Producers can move from one point to another on O the production possibilities frontier in response to consumers' demands. Some resources used to produce one of the goods O are not as productive when they are used to produce the other good