Refer to Table 2-3. The opportunity cost of 1 pound of meat for the farmer is

A) 1/4 hour of labor.
B) 4 hours of labor.
C) 4 pounds of potatoes.
D) 1/4 pound of potatoes.

Production Possibilities

The different quantities of goods and services an economy can produce when all its resources are fully and efficiently utilized.

Opportunity Cost

The expense incurred by not choosing the second-best option available during decision-making.

Farmer

An individual engaged in agricultural activities, involved in the cultivation of crops or the raising of livestock.