Figure 3-2

-Refer to Figure 3-2.For Jerry,the opportunity cost of 1 pound of ice cream is
A)1/3 pound of cones.
B)2/3 pound of cones.
C)3/2 pounds of cones.
D)2 pounds of cones.

Question

Figure 3-2
 
-Refer to Figure 3-2.For Jerry,the opportunity cost of 1 pound of ice cream is
A)1/3 pound of cones. 
B)2/3 pound of cones. 
C)3/2 pounds of cones. 
D)2 pounds of cones.

Quizplus · Accepted Answer

The opportunity cost of producing one good is the amount of another good that must be given up. If Jerry's opportunity cost of 1 pound of ice cream is 3/2 pounds of cones, it means he sacrifices 3/2 pounds of cones to produce 1 pound of ice cream.

Figure 3-2 -Refer to Figure 3-2.For Jerry,the Opportunity Cost of 1 Pound