Table 3-8
Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate.

-Refer to Table 3-8.The opportunity cost of 1 plate for Min is
A) 1/3 parasol.
B) 1/2 parasol.
C) 2 parasols.
D) 3 parasols.

Question

Table 3-8
Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate.
 
-Refer to Table 3-8.The opportunity cost of 1 plate for Min is
A) 1/3 parasol. 
B) 1/2 parasol. 
C) 2 parasols. 
D) 3 parasols.

Quizplus · Accepted Answer

The opportunity cost of 1 plate for Min is 2 parasols because Min gives up 2 parasols to produce 1 plate.

Table 3-8 Assume That Huang and Min Can Switch Between Producing Parasols