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

question 268

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 pork for the rancher is

• A)1 pound of tomatoes.
• B)1 hour of labor.
• C)1.5 pounds of tomatoes.
• D)1.5 hours of labor.

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Definitions:

Vertical Axis

In graphing, the y-axis, which typically represents the dependent variable or the quantity being measured.

Utility Function

A mathematical representation that shows the relationship between an individual's consumption bundle and the level of satisfaction or utility derived from it.

Indifference Curves

Indifference curves are graphical representations used in microeconomics to demonstrate a consumer's preferences for various combinations of two goods, keeping satisfaction constant.

Horizontal Axis

A reference line on a graph or chart running left to right, typically used to represent the independent variable or basis of comparison.