Figure 18.1

-Refer to Figure 18.1. The opportunity cost of bicycles in the United States is

Name: Figure 18.1 -Refer to Figure 18.1. The opportunity cost of bicycles in the United States is
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Question

Figure 18.1
 
-Refer to Figure 18.1. The opportunity cost of bicycles in the United States is

Quizplus · Accepted Answer

The opportunity cost of producing one bicycle in the United States is the amount of other goods (in this case, hang gliders) that must be given up to produce one more bicycle. If producing one bicycle means giving up the production of 3 hang gliders, then the opportunity cost of one bicycle is 3 hang gliders.

Figure 18.1 -Refer to Figure 18.1. the Opportunity Cost of Bicycles in Cost