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Table 3-4 Assume That the Farmer and the Rancher Can Switch Between

Question 1

Multiple Choice

Table 3-4
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.
Table 3-4 Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. -Refer to Table 3-4.The opportunity cost of 1 pound of meat for the farmer is A) 1/5 pound of potatoes. B) 1/5 hour of labor. C) 5 pounds of potatoes. D) 10 hours of labor.
-Refer to Table 3-4.The opportunity cost of 1 pound of meat for the farmer is


A) 1/5 pound of potatoes.
B) 1/5 hour of labor.
C) 5 pounds of potatoes.
D) 10 hours of labor.

Correct Answer:

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