The opportunity cost of oranges in terms of apples indicates how many oranges must be given up to have another apple apples must be given up to have another orange
The opportunity cost of oranges in terms of apples indicates how many oranges must be given up to have another apple apples must be given up to have another orange
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The opportunity cost of oranges in terms of apples indicates how many
oranges must be given up to have another apple
apples must be given up to have another orange](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdd15b3c3-53f5-4c47-a8f3-30006517252b%2F0779f393-3e80-402b-aec8-6f06f2e2212c%2Fsakzsq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The opportunity cost of oranges in terms of apples indicates how many
oranges must be given up to have another apple
apples must be given up to have another orange
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Opportunity cost refers to value of next best alternative. It is the decrease in quantity of one good needed to have more of another good.
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