The real opportunity cost of producing product X is the amounts of products Y, Z, and so forth, that might have been produced if resources had not been used to produce X.

When two people trade their initial endowments to a point on the contract curve, only the level of the endowments will determine the new allocation

Indicate whether the statement is true or false

A shift outward in the production possibilities curve is the direct result of improvements in the efficiency factor for economic growth.

Answer the following statement true (T) or false (F)