Use the production possibilities data below to answer the following question(s). Table 2-3
Refer to Table 2-3. The opportunity cost of 1 pound of meat for the farmer is
A) 1/4 hour of labor.
B) 4 hours of labor.
C) 4 pounds of potatoes.
D) 1/4 pound of potatoes.

Question

Use the production possibilities data below to answer the following question(s). Table 2-3
 Refer to Table 2-3. The opportunity cost of 1 pound of meat for the farmer is
A) 1/4 hour of labor. 
B) 4 hours of labor. 
C) 4 pounds of potatoes. 
D) 1/4 pound of potatoes.

Quizplus · Accepted Answer

According to the table, in order for the farmer to produce 1 pound of meat, they must give up 4 pounds of potatoes. This means the opportunity cost of 1 pound of meat for the farmer is 4 pounds of potatoes.

Use the Production Possibilities Data Below to Answer the Following