7. Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. If...

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7. Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. If there is no trade,

a. the opportunity cost of 1 watch is 3 rings.

b. the opportunity cost of 1 watch is 1/3 of a ring.

c. the opportunity cost of 1 watch is 4 rings.

d. the opportunity cost of 1 watch is 1/4 of a ring.

e. the opportunity cost of 1 watch is 12 rings.

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Study Guide For N. Gregory Mankiw's Principles Of Microeconomics

ISBN: 9783030019983

5th Edition

Authors: David R. Hakes

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Question Posted: Nov 14, 2024 03:00 AM

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7. Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. If...

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Study Guide For N. Gregory Mankiw's Principles Of Microeconomics

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