Currently, a Farmer Can Either Grow 40 Bushels of Wheat

question 27

Multiple Choice

Currently, a farmer can either grow 40 bushels of wheat or 120 bushels of corn per acre. If he were able to trade 80 bushels of corn for 30 bushels of wheat, would he be better off or worse off?

• A)Worse off because his opportunity cost of wheat would increase from 2.7 bushels of corn to 3 bushels of corn.
• B)Better off because his opportunity cost of wheat would fall from 80 bushels to 50 bushels.
• C)Better off because his opportunity cost of wheat would fall from 3 bushels of corn to 2.7 bushels.
• D)There is not enough information to answer this question.

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Definitions:

Cooperation

The process of working together towards a common goal, often requiring communication and coordination among participants.

Social Responsibilities

The idea that individuals and organizations must behave ethically and with sensitivity towards social, cultural, economic, and environmental issues.

Diffused

Describes something that is spread out or scattered, often used in the context of light, particles, or information.

Win-win Solution

refers to a conflict resolution or negotiation outcome where all parties benefit or experience success.