Define opportunity cost.
This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

ScanSolve AI Answer
VerifiedD. 6 tonnes of wheat
Step 1: Define opportunity cost. Opportunity cost is the value of the next best alternative that must be foregone when a choice is made.
Step 2: Identify the options and their outputs. If the farmer grows wheat, the output is 6 tonnes per hectare. If the farmer grows barley, the output is 4 tonnes per hectare.
Step 3: Determine what is given up. The farmer decides to grow barley instead of wheat. This means the farmer chooses to produce 4 tonnes of barley. By making this choice, the farmer gives up the opportunity to produce 6 tonnes of wheat on that same hectare of land.
Step 4: State the opportunity cost. The opportunity cost of growing barley is the amount of wheat that could have been produced instead.
Therefore, the opportunity cost is 6 tonnes of wheat.
The final answer is .
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