Table 3-23
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.

-Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is
A)1/2 pound of tomatoes.
B)1/2 hour of labor.
C)2 pounds of tomatoes.
D)2 hours of labor.

Question

Table 3-23
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.
​ 
-Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is
A)1/2 pound of tomatoes. 
B)1/2 hour of labor. 
C)2 pounds of tomatoes. 
D)2 hours of labor.

Quizplus · Accepted Answer

According to the table, the opportunity cost of 1 pound of pork for the farmer is 2 pounds of tomatoes. Therefore, the farmer should produce tomatoes instead of pork if the ratio of prices of pork and tomatoes is less than 2:1.

Table 3-23 Assume That the Farmer and the Rancher Can Switch Between