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Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of one teapot in Arcadia? a. 2/3 of a surfboard b. 1.5 surfboards c. 40 surfboards d. 60 surfboards

Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of one teapot in Arcadia? a. 2/3 of a surfboard b. 1.5 surfboards c. 40 surfboards d. 60 surfboards

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of one teapot in Arcadia? a. 2/3 of a surfboard b. 1.5 surfboards c. 40 surfboards d. 60 surfboards
Transcribed Image Text:Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of one teapot in Arcadia? a. 2/3 of a surfboard b. 1.5 surfboards c. 40 surfboards d. 60 surfboards
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