Figure 3-8

-Refer to Figure 3-8.Colombia would incur an opportunity cost of 24 pounds of coffee if it increased its production of soybeans by
A) 12 pounds.
B) 18 pounds.
C) 36 pounds.
D) 48 pounds.

Question

Figure 3-8
 
-Refer to Figure 3-8.Colombia would incur an opportunity cost of 24 pounds of coffee if it increased its production of soybeans by
A) 12 pounds. 
B) 18 pounds. 
C) 36 pounds. 
D) 48 pounds.

Quizplus · Accepted Answer

The opportunity cost of producing 1 pound of soybeans is 2 pounds of coffee (24 pounds of coffee / 12 pounds of soybeans = 2).

Figure 3-8 -Refer to Figure 3-8.Colombia Would Incur an Opportunity Cost of an Opportunity