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-(Table: The Production Possibilities for Tractors and Crude Oil)Use Table: The Production Possibilities for Tractors and Crude Oil.In Mexico,the opportunity cost of producing 150,000 barrels of crude oil is _____ tractors.

Question

Use the following to answer question: 
-(Table: The Production Possibilities for Tractors and Crude Oil)Use Table: The Production Possibilities for Tractors and Crude Oil.In Mexico,the opportunity cost of producing 150,000 barrels of crude oil is _____ tractors.

Quizplus · Accepted Answer

The opportunity cost is calculated by comparing the production possibilities. If producing 150,000 barrels of crude oil means giving up the production of 50 tractors, then the opportunity cost is 50 tractors.

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