Table 3-10 Assume That Brad and Theresa Can Switch Between Producing Wheat

question 165

Multiple Choice

Table 3-10
Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate.
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-Refer to Table 3-10. What is Teresa's opportunity cost of producing one bushel of wheat?

• A)1/2 pound of beef
• B)5/3 pounds of beef
• C)3/5 pounds of beef
• D)1 pound of beef

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Definitions:

Difference Threshold

A measure of the smallest increase or decrease in a physical stimulus that is required to produce a difference in sensation that is noticeable 50% of the time.

Psychophysical Threshold

The minimum level of stimulus intensity perceived by the sensory system.

Just Noticeable Difference

The smallest difference in stimulation required to detect a change in sensory inputs, also known as the difference threshold.

Detectable Difference

The minimum change in a stimulus that can be correctly identified as different from a reference stimulus a certain proportion of the time.