Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, in the production range of 21 to 23 brushes the opportunity cost of producing one more comb in terms of brushes is
A. 4.
B. 1/21.
C. 1/2.
D. 21/23.
Answer: C
Economics
You might also like to view...
For a perfectly competitive firm, average revenue is equal to
A) average fixed cost. B) marginal cost. C) the market price. D) total revenue.
Economics
In Table 13-1, if the required reserve ratio is 10 percent, what will happen to the money supply? Use the oversimplified money multiplier in your calculations
a. The money supply will decrease by $100 million. b. The money supply will decrease by $10 million. c. The money supply will not change. d. The money supply will increase by $10 million. e. The money supply will increase by $100 million.
Economics