Refer to the information provided in Figure 18.1 below to answer the questions that follow. Figure 18.1
-Refer to Figure 18.1. The opportunity cost of producing a bushel of soybeans in the United States is
A) half a bushel of alfalfa.
B) 1 bushel of alfalfa.
C) 2 bushels of alfalfa.
D) 300 bushels of alfalfa.

Question

Refer to the information provided in Figure 18.1 below to answer the questions that follow.  Figure 18.1
-Refer to Figure 18.1. The opportunity cost of producing a bushel of soybeans in the United States is
A) half a bushel of alfalfa. 
B) 1 bushel of alfalfa. 
C) 2 bushels of alfalfa. 
D) 300 bushels of alfalfa.

Quizplus · Accepted Answer

The opportunity cost of producing one more unit of a good is the amount of another good that must be given up to produce that unit. If the figure (which is not provided here) shows that producing one bushel of soybeans in the United States requires giving up 2 bushels of alfalfa, then the opportunity cost of a bushel of soybeans is 2 bushels of alfalfa.

Refer to the Information Provided in Figure 18