Answered: Refer to the accompanying figure. As…

Refer to the accompanying figure. As the production of pizza increases, the opportunity cost of producing pizza: Salads Per Hour 125 100 75 50 25 0 0 10 A 20 Pizzas Per Hour B 30 с 35 3840

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 4WNG

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

Multiple Choice
O
O
doesn't change.
decreases.
increases.
becomes negative.

Refer to the accompanying figure. As the production of pizza increases, the opportunity cost of producing pizza:
Salads Per Hour
125
100
75
50
25
0
0
10
20
Pizzas Per Hour
30
с
35 3840

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Step 1: Define opportunity cost

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Step 2: Choose the correct option

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Step 3: Reject other options

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