The Table Below Shows That, in One Day, Claire Can

question 107

Multiple Choice

The table below shows that, in one day, Claire can complete either 3 chemistry or 2 biology lab reports, while Sam can complete either 4 chemistry or 3 biology lab reports. $$\begin{array}{l}\begin{array} { | l | l | l | } \hline & \text { Chemistry L ab Reports } & \text { Biology Lab Reports } \\\hline \text { Claire } & 3 & 2 \\\hline \text { Sam } & 4 & 3 \\\hline\end{array}\\\text { TABLE 1- } 2\end{array}$$
-Refer to Table 1- 2. What is Claire's opportunity cost of completing 1 chemistry lab report?

• A) 3 biology lab reports
• B) 2 of a biology lab report 3
• C) 2 biology lab reports
• D) 3 of a biology lab report 4
• E) 1 1 biology lab reports 2

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Definitions:

Monopolistically Competitive

A market structure in which several or many sellers each produce similar, but slightly differentiated products; competition is based on product differentiation, prices, and marketing.

Monopolistically Competitive

A market structure characterized by many firms selling products that are substitutes but not perfect substitutes, leading to some degree of market power for each firm.

Fixed Costs

Costs that do not change with the level of output produced, such as rent, salaries, and loan repayments.

Short Run

A period in which at least one of a firm's inputs is fixed and cannot be changed.