Once you find the opportunity cost of producing one unit of a good, to find the opportunity cost of producing the other good, you must
A) take the inverse.
B) do nothing because the opportunity cost for the first good is the same as the opportunity cost for the second good.
C) multiply by the total amount produced of the second good.
D) divide by the total amount produced of the second good.
E) None of the answers is correct.
A
Economics
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The difference between the value you place on a product and its market price is called
a. Consumer surplus b. Quantity demanded c. Demand d. None of the above
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Based on the graph above, the firm is earning:
A. zero economic profits. B. We can say nothing about this firm's profit or loss situation. C. zero normal profits. D. zero accounting profits.
Economics