Refer to the Following Figure for the Questions That Follow

question 134

Multiple Choice

Refer to the following figure for the questions that follow.

-The opportunity cost of increasing production of blueberry pies from 7 to 11 pies is:

• A) 2 blueberry pies.
• B) 14 apple pies.
• C) 7 blueberry pies.
• D) 4 apple pies.
• E) 2 apple pies.

---

Definitions:

Expanding Plant

The process of increasing the size or capacity of a manufacturing or production facility.

Product Price

The financial outlay necessary to acquire a certain item or service.

Competitive Firm

A business that operates in a market where it has multiple competitors, and no single firm can influence the market price of goods or services.

Short Run

A time period in economics where at least one input is fixed, restricting the ability to adjust production levels fully.