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Q: Which term applies to the statement The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost?
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Which term applies to this definition?

The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost.


What is a broad statement that applies to many individuals or experiences or situations or texts?

Generalization


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Opportunity cost applies to the statement the choice to do something is the choice not to do something else.


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