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
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter25: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 9CQ
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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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