Asked by
Rachelle Dulos
on Nov 11, 2024
Verified
On a production possibilities frontier,the opportunity cost of one more unit of a commodity per time period is measured by the:
A) monetary price of the commodity.
B) amount of the other commodity that must be sacrificed.
C) amount of unemployed resources that must be used.
D) amount of satisfaction it gives consumers.
E) amount of tax paid to government for production,sale,and use of the commodity.
Commodity Per Time
A measure of the rate at which goods or services are produced, delivered, or consumed over a specific period.
Other Commodity
General term for any marketable item produced to satisfy wants or needs, distinct from services.
- Elucidate on the idea of opportunity cost and its linkage with the Production Possibilities Frontier.
Verified Answer
DH
Learning Objectives
- Elucidate on the idea of opportunity cost and its linkage with the Production Possibilities Frontier.