Table 3-6 Assume That Maya and Miguel Can Switch Between Producing Mixers

question 345

Multiple Choice

Table 3-6
Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate.

-Refer to Table 3-6.The opportunity cost of 1 mixer for Miguel is

• A) 1/2 toaster.
• B) 1/2 hour of labor.
• C) 2 toasters.
• D) 8 hours of labor.

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Definitions:

Estate

All of the money and property owned by a particular person, especially at death.

Equitable Estoppel

A legal principle preventing a party from asserting a claim or right which contradicts what they previously said or agreed to by their actions.

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A legal principle that requires certain types of contracts to be in writing and signed by all parties involved to be enforceable.