Table 2-5
-Refer to Table 2-5. Table 2-5 shows one set of production possibilities. What is the opportunity cost of an increase in the production of wheat from 700 bushels to 1300 bushels?
A)800 bushels of corn
B)600 bushels of corn
C)400 bushels of corn
D)400 bushels of wheat

Question

Table 2-5 
-Refer to Table 2-5. Table 2-5 shows one set of production possibilities. What is the opportunity cost of an increase in the production of wheat from 700 bushels to 1300 bushels?
A)800 bushels of corn 
B)600 bushels of corn 
C)400 bushels of corn 
D)400 bushels of wheat

Quizplus · Accepted Answer

To increase wheat production from 700 to 1300 bushels, the economy must give up producing an additional 400 bushels of corn. This is the opportunity cost of the increase in wheat production.

Table 2-5 -Refer to Table 2-5. Table 2-5 Shows One Set of One