Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Bora Bora?
A) 1.5 gallons of honey B) 0.8 gallons of honey
C) 1.125 gallons of honey D) 2/3 of a gallon of honey
A
Economics
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The table above provides information about the marginal social cost and marginal social benefit of street lights, which are a public good
a) What quantity would a private company provide? Why? b) What is the efficient quantity?
Economics
Economic efficiency in a competitive market is achieved when
A) producer surplus equals the total amount firms receive from consumers minus the cost of production. B) the marginal benefit equals the marginal cost from the last unit sold. C) consumers and producers are satisfied. D) economic surplus is equal to consumer surplus.
Economics