Britain must give up the production of 75 hats to produce 25 additional sweaters.The opportunity cost of producing 3 hats is _____ sweater(s).

Name: Britain must give up the production of 75 hats to produce 25 additional sweaters.The opportunity cost of producing 3 hats is _____ sweater(s).
Brand: Quizplus
Rating: 4.8 (53 reviews)

Question

Quizplus · Accepted Answer

The opportunity cost of producing 3 hats is 1 sweater because Britain must give up the production of 75 hats to produce 25 additional sweaters, so for every 3 hats (75/25 = 3), 1 sweater is the opportunity cost.

Britain Must Give Up the Production of 75 Hats to Produce