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Discuss how the four factors of production relate to the Production Possibilitie
Discuss how the four factors of production relate to the Production Possibilities Curve. If TOF had the choice to either produce consumer goods or capital goods, explain what is meant by the Production Possibilities Curve, and explain points that would be efficient and inefficient, as well as an unattainable point. Discuss how inefficient and unattainable can be experienced. Define Comparative and Absolute Advantage. State whether TOF has a comparative or absolute advantage if they possess over 30% of the domestic market in the United States. (Note: we are discussing the production and sale of smartphones and service plans by TOF in the United States only.)
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