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The United States must give up the production of 500 bicycles to produce 20 additional tractors.The opportunity cost of producing 100 bicycles is _____ tractor(s) .
A) 1
B) 4
C) 25
D) 100
Opportunity Cost
The loss of potential gain from other alternatives when one alternative is chosen, representing the value of the best missed opportunity.
Tractors
Agricultural machinery used for plowing, tilling, planting, and other farming operations.
Bicycles
Human-powered, pedal-driven vehicles with two wheels attached to a frame, one behind the other, used for transportation, recreation, or sport.
- Master the theory of opportunity cost across diverse trade-offs and its calculation in a range of situations.
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Learning Objectives
- Master the theory of opportunity cost across diverse trade-offs and its calculation in a range of situations.
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