Maximum Feasible Hourly Production Rates (in Tons) of EitherCookies or Coffee Using All Available ResourcesProductCountry AlphaCountry BetaCookies38Coffee94Use the above table. Assuming constant opportunity costs, the opportunity cost of producing cookies in country Alpha is ________, and the opportunity cost of producing cookies in country Beta is ________.
A. 3 tons of coffee; 0.5 ton of coffee
B. 0.375 ton of cookies; 2.25 tons of coffee
C. 0.33 ton of coffee; 2 tons of coffee
D. 2.67 tons of coffee; 0.44 ton of cookies
Answer: A
You might also like to view...
When the price of apples is $3 per bushel, and the quantity demanded is 1,000 bushels,
A) consumers need 1,000 bushels. B) consumers plan to purchase a total of 1,000 bushels. C) both A and B are true. D) none of the above is true.
If a perfectly competitive firm manufacturing chairs produces 100 more chairs, what happens to the market price of a chair?
What will be an ideal response?
In the above figure, the tax incidence is
A) that most of it is paid by the buyers. B) that most of it is paid by the sellers. C) split equally so that the buyers and sellers pay the same amount. D) that neither the buyers nor the sellers pay it.
The supply curve of a perfectly competitive firm in the short run is
A) the portion of the firm's marginal cost curve above the minimum point of the average total cost curve. B) the firm's average variable cost curve. C) the portion of the firm's marginal cost curve above the minimum point of the average variable cost curve. D) the portion of the firm's marginal cost curve below the minimum point of the average variable cost curve.