Use the accompanying table to answer the following questions:
Table 3-6

-Refer to Table 3-6.The opportunity cost of 1 unit of bread in England is
A)4 units of cheese.
B)2 units of cheese.
C)1 unit of cheese.
D)1/2 unit of cheese.

Question

Use the accompanying table to answer the following questions:
Table 3-6
 
-Refer to Table 3-6.The opportunity cost of 1 unit of bread in England is
A)4 units of cheese. 
B)2 units of cheese. 
C)1 unit of cheese. 
D)1/2 unit of cheese.

Quizplus · Accepted Answer

The opportunity cost of producing 1 unit of bread is the amount of cheese that could have been produced instead. If England gives up 2 units of cheese to produce 1 unit of bread, then the opportunity cost is 2 units of cheese.

Use the Accompanying Table to Answer the Following Questions