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 tomatoes for the farmer is
A)1/2 pound of pork.
B)2 hours of labor.
C)2 pounds of pork.
D)4 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 tomatoes for the farmer is
A)1/2 pound of pork. 
B)2 hours of labor. 
C)2 pounds of pork. 
D)4 hours of labor.

Quizplus · Accepted Answer

The opportunity cost of producing 1 pound of tomatoes is the amount of pork that could have been produced with the same resources. If the farmer can produce 1 pound of pork instead of 2 pounds of tomatoes, then the opportunity cost of 1 pound of tomatoes is 1/2 pound of pork.

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