Refer to the Information Provided in Table 2 -Refer to Table 2

question 47

Multiple Choice

Refer to the information provided in Table 2.1 below to answer the following question(s) .
Table 2.1
$$\begin{array} { | c | c | c | } \hline & \text { Krystal } & \text { Mark } \\\hline \text { Writing Poerss } & 8 & 12 \\\hline \text { Writing TV Cornnercials } & 2 & 4 \\\hline\end{array}$$
-Refer to Table 2.1. To maximize total production,

• A) Krystal should specialize in writing TV commercials, and Mark should specialize in writing poems.
• B) Mark should specialize in writing TV commercials, and Krystal should specialize in writing poems.
• C) Krystal and Mark should both split their time between writing poems and writing TV commercials.
• D) Krystal should write poems and write TV commercials, but Mark should only write poems.

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Definitions:

Inelastic Supply

A situation where the quantity of a good supplied by producers is relatively insensitive to changes in its price.

Tax Burden

The total amount of taxes that individuals or businesses are required to pay to government entities, often expressed as a percentage of income or profit.

Elasticity

A measure in economics to show how the quantity demanded or supplied of a good or service responds to a change in price.

Price Ceiling

A legally imposed maximum price on a good or service, intended to keep prices low for buyers.