Figure 3-4

-Refer to Figure 3-4.The opportunity cost of 1 poem for Jordan is
A) 1/2 novel.
B) 1/3 novel.
C) 3 novels.
D) 4 novels.

Question

Figure 3-4
 
-Refer to Figure 3-4.The opportunity cost of 1 poem for Jordan is
A) 1/2 novel. 
B) 1/3 novel. 
C) 3 novels. 
D) 4 novels.

Quizplus · Accepted Answer

According to the graph, Jordan has to give up 1/3 of a novel to write one poem. This means that the opportunity cost of one poem for Jordan is 1/3 of a novel. Therefore, the best choice for Jordan would be to write poems until the opportunity cost of writing one more poem becomes greater than the benefit.

Figure 3-4 -Refer to Figure 3-4.The Opportunity Cost of 1 Poem for of 1