Table 3-1

-Refer to Table 3-1.The opportunity cost of 1 pound of potatoes for the farmer is
A)8 hours of labor.
B)2 hours of labor.
C)4 pounds of meat.
D)1/4 pound of meat.

Question

Table 3-1
 
-Refer to Table 3-1.The opportunity cost of 1 pound of potatoes for the farmer is
A)8 hours of labor. 
B)2 hours of labor. 
C)4 pounds of meat. 
D)1/4 pound of meat.

Quizplus · Accepted Answer

The opportunity cost of producing 1 pound of potatoes is the amount of meat the farmer could have produced with the same resources. If 1 pound of potatoes costs 1/4 pound of meat, then the opportunity cost is 1/4 pound of meat.

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