Joe's income is $100 a day and he currently buys two goods: fresh fruit (F) and cheese (C). The price of a unit of fresh fruit is $4 and the price of a unit of cheese is $5. (Assume that cheese is measured on the y-axis and fresh fruit is measured on the x-axis.) Which of the following statement is TRUE? Select one: If Joe spends all his income on cheese he can purchase 25 units of cheese Ob The opportunity cost of one unit of fresh fruit is 1.25 units of cheese Oc. Joe would trade one fresh fruit for 0.8 unit of cheese Od. If Joe spends all his income on fresh fruit he can purchase 20 units of fresh fruit

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.