Assume a Society Can Produce Either Olives or Grapes

question 191

Multiple Choice

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

• A) the 5 bushels of olives that must be forgone.
• B) the 5 bushels of grapes that must be forgone.
• C) the 0.2 bushels of olives that must be forgone.
• D) the additional 0.2 gallons of olives that can be produced.

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