FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Suppose the nation of Arcadia
produces only two goods, teapots
and surfboards. If Arcadia produces
teapots, it can make 40 per day. If
Arcadia produces only surfboards, it
can make 60 per day. What is the
opportunity cost of one teapot in
Arcadia?
a. 2/3 of a surfboard
b. 1.5 surfboards
c. 40 surfboards
d. 60 surfboards
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Transcribed Image Text:Suppose the nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces teapots, it can make 40 per day. If Arcadia produces only surfboards, it can make 60 per day. What is the opportunity cost of one teapot in Arcadia? a. 2/3 of a surfboard b. 1.5 surfboards c. 40 surfboards d. 60 surfboards
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