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

question 204

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 rancher is

• A) 1/2 pound of potatoes.
• B) 2 hours of labor.
• C) 2 pounds of potatoes.
• D) 3 hours of labor.

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First Column

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Profit-Sharing Plan

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Annual Profits

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