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1.2 The basic economic problem

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Question 18

On Friday morning, a pottery firm's production schedule includes one kiln slot. The owner schedules 200 mugs, having ranked an order for 100 vases above an order for 80 garden ornaments. What is the opportunity cost of the firm's production decision?

[1]
A

The kiln time used for the 200 mugs

B

The 200 mugs scheduled for production

C

The order for 80 garden ornaments

D

The order for 100 vases

Markscheme

1.2 The basic economic problem Questions

  1. GCSE
  2. /Economics
  3. /1.2 The basic economic problem

77 exam-style questions on OCR GCSE Economics 1.2 The basic economic problem, covering 1.2.1 Scarce resources and unlimited wants, 1.2.2 The economic problem, 1.2.3 Opportunity cost, and 1.2.4 Costs and benefits of economic choices. Each one has a worked solution and a mark scheme showing where the marks go.

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