The following graph is the production possibilities curve of a nation:
Refer to the above graph. The marginal opportunity cost of the fourth unit of bread is:
A. 0 unit of drill presses
B. 1 unit of drill presses
C. 3 units of drill presses
D. 4 units of drill presses
Answer: D
Economics
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If the demand for product R increases as the price of product S increases, then _____
a. consumer preferences for S have increased b. R and S are not related goods c. R and S are substitutes d. R and S are complements e. R is an inferior good
Economics
When the demand for grapes increases and the supply of grapes decreases at the same time, we can predict that the: a. price of grapes will fall
b. price of grapes will rise. c. quantity of grapes exchanged will fall. d. quantity of grapes exchanged will rise.
Economics