-The Table Above Lists Six Points on the Production Possibilities

question 38

Multiple Choice

-The table above lists six points on the production possibilities frontier for grain and cars. What is the opportunity cost of producing the 26th car?

• A) 2 tons of grain per car
• B) 4 tons of grain per car
• C) 0.25 tons of grain per car
• D) 0.5 tons of grain per car

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Definitions:

Arbitration

A method of dispute resolution where a neutral third party, called an arbitrator, makes a binding decision after considering the evidence and arguments.

Dispute Resolution

The process of resolving a dispute or conflict between parties, which can include negotiation, mediation, arbitration, or litigation.

Jurisdiction

The legal authority given to a court or other body to make decisions and judgments over certain matters or geographical areas.

Diversity of Citizenship

A principle used in U.S. federal courts concerning parties from different states or a foreign country, impacting jurisdiction.