Asked by
sabrina kurtishi
on Dec 05, 2024
Verified
(Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum.In the United States the opportunity cost of producing 40 units of machinery is _____ units of petroleum.
A) 80
B) 60
C) 40
D) 20
Opportunity Cost
Opportunity cost represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.
Machinery
Refers to machines or automated systems that contribute to the manufacturing or production process.
United States
A country located in North America consisting of 50 states and is known for its large size and diverse population.
- Acquire knowledge about the notion of opportunity cost in multiple trade-offs and the method of calculating it in different cases.
- Evaluate the sacrifices related to choices in production and their effect on the allocation of resources.
Verified Answer
GT
Learning Objectives
- Acquire knowledge about the notion of opportunity cost in multiple trade-offs and the method of calculating it in different cases.
- Evaluate the sacrifices related to choices in production and their effect on the allocation of resources.