=+d. Assuming that labor is the only input, if the opportunity cost of producing a yard of

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=+d. Assuming that labor is the only input, if the opportunity cost of producing a yard of cloth is 3 bushels of wheat per yard, then wheat must require 3 times as much labor per unit produced as cloth.

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Microeconomics

ISBN: 9780134184241

9th Edition

Authors: Robert Pindyck, Daniel Rubinfeld

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