Two friends, Monica and Rachel, enjoy baking bread and making apple pies. Monica takes two
hours to bake 1 loaf of bread and one hour to make 1 pie. Rachel takes four hours to bake 1 loaf
of bread and four hours to make 1 pie. What is Monica's opportunity cost of baking 1 loaf of
bread? Describe your answer diagrammatically based on opportunity cost and scarcity.