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BenAff BenAff
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5 years ago

Question 1.

Assume a society can produce either olives or grapes. If the marginal rate of transformation of bushels of olives into bushels of grapes is 0.2, then the opportunity cost of grapes is



▸ the 5 bushels of olives that must be forgone.

▸ the 5 bushels of grapes that must be forgone.

▸ the 0.2 bushels of olives that must be forgone.

▸ the additional 0.2 gallons of olives that can be produced.

Question 2.

Assume a society can produce either olives or grapes. If the marginal rate of transformation of bushels of olives into bushels of grapes is 0.2, then the opportunity cost of olives is



▸ the 5 bushels of olives that must be forgone.

▸ the 5 bushels of grapes that must be forgone.

▸ the 0.2 bushels of olives that must be forgone.

▸ the additional 0.2 gallons of olives that can be produced.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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jackjohnson74jackjohnson74
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BenAff Author
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#2
5 years ago
Thanks for your help!
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