Table 3-1

-Refer to Table 3-1.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

Table 3-1
 
-Refer to Table 3-1.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, the farmer would have to give up producing 4 pounds of potatoes to produce 1 pound of meat. Therefore, the opportunity cost of 1 pound of meat for the farmer is 4 pounds of potatoes.

Table 3-1 -Refer to Table 3-1.The Opportunity Cost of 1 Pound of of 1