Opportunity cost of producing 1 pound of meat In 20 hrs. Pounds of meat Pounds of potatoes Farmer 2 4 Rancher 5 20
What will be an ideal response?
½ of a potato
You might also like to view...
A country imported goods and services worth $10 billion and exported goods and services worth $11.1 billion during a particular year. This implies that the country experienced a ________ during that year
A) trade surplus B) budget surplus C) budget deficit D) trade deficit
Why do most collusive agreements have difficulty surviving?
What will be an ideal response?
Which of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it?
A) profit maximization B) productive efficiency C) allocative efficiency D) marginal efficiency
According to economists, which of the following acts was partially responsible for the Great Depression of the 1930s?
a. The Robinson-Patman Act b. The National Recovery Act c. The Smoot-Hawley Tariff Act d. The Sarbanes-Oxley Act e. The Sherman Antitrust Act