Table 2-17
Table 2-17 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
-Refer to Table 2-17. What is James's opportunity cost of making a wagon?
A) 2 tricycles
B) 1/2 of a wagon
C) 1/2 of a tricycle
D) 3/4 of a wagon

Question

Table 2-17
  Table 2-17 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
-Refer to Table 2-17. What is James's opportunity cost of making a wagon?
A) 2 tricycles 
B) 1/2 of a wagon 
C) 1/2 of a tricycle 
D) 3/4 of a wagon

Quizplus · Accepted Answer

Opportunity cost is what you give up to get something else. If James's opportunity cost of making a wagon is 2 tricycles, it means he could have made 2 tricycles instead of 1 wagon.

Table 2-17 Table 2-17 Shows the Output Per Week of Week