Table 3-11 Assume That Max and Min Can Switch Between Producing Mittens

question 353

Multiple Choice

Table 3-11
Assume that Max and Min can switch between producing mittens and producing hats at a constant rate.
​
-Refer to Table 3-11. Which of the following points would be on Min's production possibilities frontier, based on a 36-hour production period?

• A)(3 mittens, 8 hats)
• B)(8 mittens, 5 hat)
• C)(10 mittens, 4 hats)
• D)More than one of the above would be on Min's production possibilities frontier.

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Definitions:

Egoism

Giving to another person to ensure reciprocity; to gain self-esteem; to present oneself as powerful, competent, or caring; or to avoid social and self-censure for failing to live up to society’s expectations.

Altruism

A selfless concern for the well-being of others without expectation of reward or recognition.

Personal Gain

Pursuing actions or decisions primarily for self-benefit or personal advantage.

Cognitive Dissonance Theory

A concept in social psychology that describes the discomfort felt by an individual who holds contradictory beliefs, ideas, or values.