The Following Table Describes Buffy's Abilities to Produce Either Weapons

question 121

Multiple Choice

The following table describes Buffy's abilities to produce either weapons or food each hour.

-The data indicate that it takes Buffy __________ minutes to produce a weapon and __________ minutes to produce a unit of food.

• A) 3.33;10
• B) 10;3.33
• C) 6;18
• D) 1;33.3
• E) 100;0.333

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Definitions:

Opportunity Cost

The worth of the best alternative given up as a consequence of a decision made.

Utility

The subjective benefit or satisfaction a person expects from a choice or course of action.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources, leading to the necessity of making choices.

Economizing Behavior

The practice of seeking to achieve maximum utility with limited resources, leading to optimal decision making.