Table 2-3

-Refer to Table 2-3. What is the opportunity cost of increasing the production of corn from 500 bushels to 1000 bushels?
A)400 bushels of rice
B)300 bushels of rice
C)500 bushels of rice
D)600 bushels of rice

Question

Table 2-3
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-Refer to Table 2-3. What is the opportunity cost of increasing the production of corn from 500 bushels to 1000 bushels?
A)400 bushels of rice 
B)300 bushels of rice 
C)500 bushels of rice 
D)600 bushels of rice

Quizplus · Accepted Answer

The opportunity cost is the amount of rice that must be given up to increase corn production from 500 to 1000 bushels. According to the table, this cost is 300 bushels of rice.

Table 2-3 ​

Table 2-3