Practicing Success
If a farmer produces wheat, which fetches $200 per quintal, instead of producing rice which would have fetched $180 per quintal and gram $160 per quintal. What is the opportunity cost of the farmer of producing wheat? |
$ 180 + $ 160 = $ 340 $180 $ 160 None of these |
$180 |
Opportunity cost is the next best opportunity forgone. |