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

question 16

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. Which of the following statements about Claire's and Sam's opportunity costs is correct?

• A) Claire has a higher opportunity cost for completing 1 chemistry lab report.
• B) Sam has a lower opportunity cost for completing 1 chemistry lab report.
• C) Claire and Sam have equal opportunity costs.
• D) Claire has a higher opportunity cost for completing 1 biology lab report.
• E) Sam has a higher opportunity cost for completing 1 biology lab report.

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Definitions:

Consumer Surplus

The disparity between the amount consumers are prepared to spend on a good or service and the actual price they incur.

High-End Wok

A premium quality wok designed for superior cooking performance, often made with high-grade materials and targeting upscale markets.

No-Name Brand

Products that are sold without a brand name, often at a lower price compared to branded products.

Producer Surplus

The difference between the amount that producers are willing and able to sell a product for and the actual amount they do sell it for.