Answer:
The workers will only produce oranges.
Explanation:
'Opportunity cost' is an important concept which shows the relationship between choice and scarcity. For example: One can spend money and time on one thing at a time but loses the opportunity do perform the other things, which would be his opportunity cost. Like you take a vacation for the money you have but the opportunity cost is not having a new car.
Relative price is the price of one commodity in terms of another. In the given situation, opportunity cost of an apple is 3 oranges and relative price of apple is 3, so the workers will produce only oranges, as it will be more profitable.
I think it’s a because it’s talking about consumer electronics
Answer:
Explanation:
The answer to the above question is given in the attached document.
Answer:
If an economy grows at 7% per year, it will take 70 / 7 = 10 years for the size of that economy to double, and so on.