Exhibit 19-2 in Exhibit 19-2, the Opportunity Cost of 1

question 106

Multiple Choice

Exhibit 19-2 In Exhibit 19-2, the opportunity cost of 1 ton of rice in Costa Rica is

• A)0
• B)10 t-shirts
• C)20 t-shirts
• D)30 t-shirts
• E)40 t-shirts

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Definitions:

Pioneer

An individual or entity that is among the first to explore or establish something new in a field or area.

MP3 Player Market

Refers to the commercial segment involved in the manufacturing and selling of digital audio players that play music and media stored in the MP3 format.

Relative Advantage

The degree to which a new product or service is perceived as better than existing alternatives by consumers.

System 1

Refers to the fast, instinctive, and emotional way of thinking, as opposed to the slower, more logical System 2.