Table 3-3

-Refer to Table 3-3.The opportunity cost of 1 birdhouse for Montana is
A)1/3 basket.
B)1 basket.
C)4/3 baskets.
D)3 baskets.

Name: Table 3-3 -Refer to Table 3-3.The opportunity cost of 1 birdhouse for Montana is A)1/3 basket. B)1 basket. C)4/3 baskets. D)3 baskets.
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Question

Table 3-3
 
-Refer to Table 3-3.The opportunity cost of 1 birdhouse for Montana is
A)1/3 basket. 
B)1 basket. 
C)4/3 baskets. 
D)3 baskets.

Quizplus · Accepted Answer

The opportunity cost of producing 1 birdhouse is the amount of baskets that could have been produced instead. If Montana can produce 3 birdhouses or 1 basket, then the opportunity cost of 1 birdhouse is 1/3 of a basket.

Table 3-3 -Refer to Table 3-3.The Opportunity Cost of 1 Birdhouse for of 1