Table 3-4 Assume That the Farmer and the Rancher Can Switch Between

question 423

Multiple Choice

Table 3-4
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.

-Refer to Table 3-4.The opportunity cost of 1 pound of meat for the farmer is

• A) 1/4 pound of potatoes.
• B) 1/4 hour of labor.
• C) 4 pounds of potatoes.
• D) 8 hours of labor.