Consider the following information: the marginal products of labor for the US in producing Cars and Wheat are 12 and 9, respectively. Given the information above, US's opportunity cost of producing cars is: A. 0.50 wheat B. 1.33 cars C. 0.75 wheat D. 1.33 wheat
Consider the following information: the marginal products of labor for the US in producing Cars and Wheat are 12 and 9, respectively. Given the information above, US's opportunity cost of producing cars is: A. 0.50 wheat B. 1.33 cars C. 0.75 wheat D. 1.33 wheat
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the following information: the marginal products of labor for the US in producing Cars and Wheat are 12 and 9, respectively.
Given the information above, US's
A. 0.50 wheat
B. 1.33 cars
C. 0.75 wheat
D. 1.33 wheat
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