Figure 18-4

-In Figure 18-4, the opportunity cost of a unit of wheat in terms of cotton is

Name: Figure 18-4 -In Figure 18-4, the opportunity cost of a unit of wheat in terms of cotton is
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Question

Figure 18-4
 
-In Figure 18-4, the opportunity cost of a unit of wheat in terms of cotton is

Quizplus · Accepted Answer

The opportunity cost of a unit of wheat in terms of cotton is the amount of cotton that must be given up to produce one unit of wheat. In the United States, the opportunity cost of a unit of wheat is 1 unit of cotton, while in Egypt, the opportunity cost of a unit of wheat is 5 units of cotton.

Figure 18-4 -In Figure 18-4, the Opportunity Cost of a Unit of of a Unit