Author Question: On a production possibilities curve, the opportunity cost of good X, in terms of good Y, is ... (Read 111 times)

dalyningkenk · **on:** Jun 30, 2018

On a production possibilities curve, the opportunity cost of good X, in terms of good Y, is represented by the:
a. distance to the curve from the vertical axis.
b. distance to the curve from the horizontal axis.
c. movement along the curve.
d. all of these.

Question 2

Bill has 10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?
a. The amount he spent, 10.
b. Nothing, since he got his preferred choice.
c. The Batman T-shirt.
d. The X-Men T-shirt.