Which of the following statements about opportunity cost are correct? a. Opportunity cost is a ratio b. There is no relationship between the opportunity cost of producing an additional good measured on the Natis and the opportunity cost of producing an additional good measured on the y-avis. C. Opportunity cost of a good cannot be accurately measured along a PPF because the PPF shows only two goods d. The opportunity cost of producing more x,illustrated as a movement between two points on the PFF is equal to the inverse of the opportunity cost of producing more y, illustrated as a movement between the same two points in the A. Statements b and care correct B. Statements b and d are correct. C. Statements and d are correct D. Statements and care correct

Question

Which of the following statements about opportunity cost are correct? a. Opportunity cost is a ratio b. There is no relationship between the opportunity cost of producing an additional good measured on the Natis and the opportunity cost of producing an additional good measured on the y-avis. C. Opportunity cost of a good cannot be accurately measured along a PPF because the PPF shows only two goods d. The opportunity cost of producing more x,illustrated as a movement between two points on the PFF is equal to the inverse of the opportunity cost of producing more y, illustrated as a movement between the same two points in the A. Statements b and care correct B. Statements b and d are correct. C. Statements and d are correct D. Statements and care correct

Answer 1

The correct answer is B. Statements b and d are correct.Opportunity cost is not a ratio, so statement a is incorrect. The opportunity cost of producing an additional good measured on the x-axis is not necessarily equal to the opportunity cost of producing an additional good measured on the y-axis, so statement b is correct. The opportunity cost of a good can be accurately measured along a PPF because the PPF shows the trade-off between two goods, so statement c is incorrect. The opportunity cost of producing more of good x is equal to the inverse of the opportunity cost of producing more of good y, illustrated as a movement between the same two points on the PPF, so statement d is correct.

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