Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of 1 teapot in Arcadia?
A) 2/3 of a surfboard
B) 1.5 surfboards
C) 40 surfboards
D) 60 surfboards
Correct Answer:
Verified
Q7: Table 18.1
Daily Output of Russia and Panama
Q8: Suppose the nation of Arcadia produces only
Q9: Figure 18.1 Q10: If the tradeoff between the two goods Q11: The slope of the production possibilities curve Q13: For a nation to have _ in Q14: Table 18.1
Daily Output of Russia and Panama
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