Opportunity cost; marginal rate of transformation (MRT); relative comm – InterviewSolution

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1.	Opportunity cost; marginal rate of transformation (MRT); relative commodity prices.
Answer» Opportunity cost is the profit lost when one commodity is selected over another. The idea of opportunity cost was first begun by JOHN STUART MILL. The marginal rate of transformation (MRT) is the number of units or amounts or a good that must be forgone in order to create or ATTAIN one unit of another good.Relative prices is the price of the commodity such as a good or services in terms of another. In other words, It is the ratio if two prices.hope it was helpful...

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