Refer to the information provided in Figure 33.1 below to answer the question(s) that follow. Figure 33.1
-Refer to Figure 33.1. The opportunity cost of producing a bushel of soybeans in the United States is
A) half a bushel of alfalfa.
B) 1 bushel of alfalfa.
C) 2 bushels of alfalfa.
D) 300 bushels of alfalfa.

Question

Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.  Figure 33.1
-Refer to Figure 33.1. The opportunity cost of producing a bushel of soybeans in the United States is
A) half a bushel of alfalfa. 
B) 1 bushel of alfalfa. 
C) 2 bushels of alfalfa. 
D) 300 bushels of alfalfa.

Quizplus · Accepted Answer

The opportunity cost of producing a bushel of soybeans is the amount of alfalfa that could have been produced instead. If the U.S. gives up 2 bushels of alfalfa to produce 1 bushel of soybeans, then the opportunity cost is 2 bushels of alfalfa.

Refer to the Information Provided in Figure 33