Table 2-17 Table 2-17 Shows the Output Per Week of Week

question 38

Multiple Choice

Table 2-17
Table 2-17 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
-Refer to Table 2-17. What is Lucy's opportunity cost of making a tricycle?

• A) 3/4 of a wagon
• B) 3 wagons
• C) 1 1/3 tricycles
• D) 2 tricycles

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Definitions:

Retailer Cooperative

A group of independent retailers that band together to set up a jointly owned, central wholesale operation that also conducts joint merchandising and promotion.

Consumer Cooperative

A cooperative business owned by its customers for their mutual benefit, where profits are returned to the members according to their use of the cooperative, not according to the capital invested.

Franchise

A business model where a company allows an individual or other company to operate a branch of their business under their brand and guidelines.

Customer-Operated

Pertaining to systems or services that are directly used or managed by the customers themselves.