Suppose That in an Hour Joe Can Prepare 10 Sandwiches

question 97

Multiple Choice

Suppose that in an hour Joe can prepare 10 sandwiches or 5 pizzas. The opportunity cost of Joe producing one sandwich is

• A) 2 pizzas.
• B) 1/2 pizza.
• C) 5 pizzas.
• D) 1 pizza.

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Definitions:

Statute of Limitations

Laws setting the maximum period one can wait before filing a lawsuit, depending on the type of claim or crime.

Unilateral Contract

A contract in which only one party makes a promise or undertakes a performance, while the other party must act to trigger the obligation.

Legally Sufficient Consideration

Value that the law recognizes as adequate to support a contract, ensuring that each party agrees to give or do something of value.

Economic Duress

A condition in which one is forced to engage in a financial transaction due to threats or pressures, rendering the agreement involuntary.