In the context of the production possibilities frontier, opportunity cost can be measured by the A) ratio of the costs of the two goods being produced. B) slope of the frontier. C) ratio of the amounts of the two goods being produced. D) amount of labor needed to produce the goods and services

In the context of the production possibilities frontier, opportunity cost can be measured by the A) ratio of the costs of the two goods being produced. B) slope of the frontier. C) ratio of the amounts of the two goods being produced. D) amount of labor needed to produce the goods and services

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 5R

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Question

In the context of the production possibilities frontier, opportunity cost can be measured by the

A) ratio of the costs of the two goods being produced.

B) slope of the frontier.

C) ratio of the amounts of the two goods being produced.

D) amount of labor needed to produce the goods and services.

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