Overview
Draw a production possibilities frontier showing increasing opportunity cost of muffins in terms of cookies.
On your graph, please label the following points.
A: A point that is possible and efficient
B: A point that is possible but inefficient
C: A point that is not currently possible
D: On the graph, illustrate the effect of the discovery of a new vein of iron ore, a resource needed to make both horseshoes and hammers, on this economy.