Table 3-4
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.

-Refer to Table 3-4.The opportunity cost of 1 pound of meat for the rancher is
A) 1/2 pound of potatoes.
B) 2 hours of labor.
C) 2 pounds of potatoes.
D) 3 hours of labor.

Question

Table 3-4
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.
 
-Refer to Table 3-4.The opportunity cost of 1 pound of meat for the rancher is
A) 1/2 pound of potatoes. 
B) 2 hours of labor. 
C) 2 pounds of potatoes. 
D) 3 hours of labor.

Quizplus · Accepted Answer

The opportunity cost of 1 pound of meat is 1/2 pound of potatoes, as shown in the table.

Table 3-4 Assume That the Farmer and the Rancher Can Switch Between