Table 3-6
Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate.

-Refer to Table 3-6.The opportunity cost of 1 toaster for Miguel is
A) 1/2 mixer.
B) 2 hours of labor.
C) 2 mixers.
D) 20 hours of labor.

Question

Table 3-6
Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate.
 
-Refer to Table 3-6.The opportunity cost of 1 toaster for Miguel is
A) 1/2 mixer. 
B) 2 hours of labor. 
C) 2 mixers. 
D) 20 hours of labor.

Quizplus · Accepted Answer

The opportunity cost of 1 toaster for Miguel is 1/2 mixer because Miguel can produce 1/2 mixer in the same amount of time it takes him to produce 1 toaster.

Table 3-6 Assume That Maya and Miguel Can Switch Between Producing Mixers