Monday Island produces only potatoes and bananas. Complete the following sentence. The marginal cost of a...
Monday Island produces only potatoes and bananas. Complete the following sentence. The marginal cost of a potato is the number of bananas that ______ to get one more ______. A. people are willing to forgo; banana B. people are willing to forgo; potato C. must be forgone; potato D. must be forgone; banana
Homework Answers
Ans: must be forgone; potato
Explanation:
Marginal cost is otherwise known as Opportunity cost. The marginal cost is quantity of one good that we must forgo to get one more unit of another good.
Thus, option [C] is the correct answer.
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Monday Island produces only potatoes and bananas. Complete the
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question 16 Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes...
question 16
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question 16
Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The following QUantity of T11 Quantity of fish Maximum annual potatoes (pounds) (pounds) output options A. 1000 300 B00 600 600 400 650 200 675 y-Fish ro G00 203 s00 100 11ao X-Polatoes sa 300 400 580 16 The output combination consisting of 500 pounds of fish and 800 pounds of potatoes, a is possible but not efficient. With 800...
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