Multiple Choice
The following figure displays John's budget constraint when he spends his income on tables and chairs.
-Refer to the figure above.Which of the following statements is true?
A) The opportunity cost of buying one chair is 5 tables.
B) The price of tables is more than the price of chairs.
C) The opportunity cost of buying tables increases as more tables are bought.
D) The opportunity cost of buying one table is 7 chairs.
Correct Answer:
Verified
Correct Answer:
Verified
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