Multiple Choice
Use the information below to answer the following questions.
Fact 2.3.1
In an eight- hour day, Andy can produce either 24 loaves of bread or 8 kilograms of butter.In an eight- hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter.
-Given Fact 2.3.1, the opportunity cost of producing 1 loaf of bread is
A) 3 kilograms of butter for Andy and 1 kilogram of butter for Rolfe.
B) 8 kilograms of butter for both Andy and Rolfe.
C) 1/3 kilogram of butter for Andy and 1 kilogram of butter for Rolfe.
D) 20 minutes 1/3 hour) for Andy and 1 hour for Rolfe.
E) cannot be calculated.
Correct Answer:
Verified
Correct Answer:
Verified
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