-The figure above shows the production possibilities frontiers for the United Kingdom and France.What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish
B) 1/2 of a pound of fish
C) 1 pound of fish
D) 200 pounds of fish
E) 2 pounds of fish

Question

-The figure above shows the production possibilities frontiers for the United Kingdom and France.What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish 
B) 1/2 of a pound of fish 
C) 1 pound of fish 
D) 200 pounds of fish 
E) 2 pounds of fish

Quizplus · Accepted Answer

The opportunity cost of producing one more unit of a good is the amount of the other good that must be given up. In the context of the production possibilities frontier, if the United Kingdom must give up 1 pound of fish to produce an additional bushel of wheat, then the opportunity cost of one bushel of wheat for the United Kingdom is 1 pound of fish.

-The Figure Above Shows the Production Possibilities Frontiers for the United