Table 3-23 Assume That the Farmer and the Rancher Can Switch Between

question 369

Multiple Choice

Table 3-23
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.
​
-Refer to Table 3-23. The opportunity cost of 1 pound of tomatoes for the farmer is

• A)1/2 pound of pork.
• B)2 hours of labor.
• C)2 pounds of pork.
• D)4 hours of labor.

---

Definitions:

Certificate

An official document attesting to a certain fact, such as the completion of an educational course or the ownership of a financial security.

Net Profits

The sum left over once all costs, taxes, and expenses have been deducted from the total income.

Partnership Status

The legal standing of a business entity comprising two or more individuals who share management and profits.