Refer to the information provided in Figure 20.1 below to answer the question(s) that follow. Figure 20.1
-Refer to Figure 20.1. The opportunity cost of producing a bushel of soybeans in the United States is

Question

Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.  Figure 20.1
-Refer to Figure 20.1. The opportunity cost of producing a bushel of soybeans in the United States is

Quizplus · Accepted Answer

The opportunity cost of producing a bushel of soybeans in the United States is determined by comparing the amount of another good that could be produced with the same resources. If the United States can produce soybeans at the cost of foregoing more of another good compared to Canada, its opportunity cost is higher. Without the specific figures from Figure 20.1, the general principle is that if the U.S. has to give up twice as much of another good to produce a bushel of soybeans compared to Canada, its opportunity cost is twice as high.

Refer to the Information Provided in Figure 20