Wheat and rye both require land, regular weeding and other human labor, and compete for water...

Wheat and rye both require land, regular weeding and other human labor, and compete for water so that the more wheat that is grown, the less rye that can be produced. What is the opportunity cost of the wheat?

Expert Solution

Opportunity Cost is the cost of next best alternative. Opportunity cost is measured in terms of amount of good that is foregone when an additional unit of other good is purchased.

In this case, opportunity cost of wheat is the loss in the production of rye or decline in the production of rye due to more production of wheat

Rahul Sunny answered 2 years ago

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