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

A) 8 hours of labor.
B) 2 hours of labor.
C) 4 pounds of meat.
D) 1/4 pound of meat.

Question

Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the farmer isA)  8 hours of labor.B)  2 hours of labor.C)  4 pounds of meat.D)  1/4 pound of meat.

louann simon · Accepted Answer

Final Answer : D, Explanation :  The opportunity cost of producing 1 pound of potatoes is the amount of meat that could have been produced with the same resources. If 4 pounds of meat can be produced with the resources used for 1 pound of potatoes, then the opportunity cost is 1/4 pound of meat.

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

A) 8 hours of labor.
B) 2 hours of labor.
C) 4 pounds of meat.
D) 1/4 pound of meat.

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