(2) The PPF and Constant vs. Increasing Opportunity Cost
Production Possibilities Frontier
Production Possibilities Frontier, PPF, Opportunity Cost, Increasing Opportunity Cost, Constant Opportunity Cost
This explains the difference between Constant and Increasing Opportunity Cost and how these concepts relate to the slope of the PPF.
Crane, Steven E., "(2) The PPF and Constant vs. Increasing Opportunity Cost" (2010). Principles of Microeconomics. Paper 2.
Ability to distinguish between constant and increasing opportunity cost. Ability to explain economic meaning of terms.