The following production possibilities schedule shows the quantities of soybeans and oil that can each be produced in Canada and Mexico with one unit of equivalent resources.
TABLE 32-3
-Refer to Table 32-3.The opportunity cost of a barrel of oil in Mexico is

Question

The following production possibilities schedule shows the quantities of soybeans and oil that can each be produced in Canada and Mexico with one unit of equivalent resources.
  TABLE 32-3
-Refer to Table 32-3.The opportunity cost of a barrel of oil in Mexico is

Quizplus · Accepted Answer

The opportunity cost of a barrel of oil in Mexico is the amount of soybeans that could have been produced instead. If Mexico gives up 3 bushels of soybeans to produce 1 barrel of oil, then the opportunity cost is 3 bushels of soybeans.

The Following Production Possibilities Schedule Shows the Quantities of Soybeans