Asked by
Ashlynn Powell
on Dec 11, 2024Verified
Refer to Table 2-3. The opportunity cost of 1 pound of meat for the rancher is
A) 4 hours of labor.
B) 5 hours of labor.
C) 4/5 pounds of potatoes.
D) 5/4 pounds of potatoes.
Production Possibilities
The various combinations of goods and services an economy can produce given its available resources and technology.
Opportunity Cost
The price paid for not selecting the second-best choice when deciding between options.
Rancher
An individual who owns or manages a large farm, especially one used for raising cattle, sheep, or other livestock.
- Acquire knowledge about the impact of opportunity cost on economic decisions.
Verified Answer
CA
Learning Objectives
- Acquire knowledge about the impact of opportunity cost on economic decisions.