Ken and Traci Are Two Woodworkers Who Both Make Tables

question 10

Multiple Choice

Ken and Traci are two woodworkers who both make tables and chairs.In one month,Ken can make 3 tables or 18 chairs,whereas Traci can make 8 tables or 24 chairs.Given this,we know that the opportunity cost of 1 table is

• A)1/6 chair for Ken and 1/3 chair for Traci.
• B)1/6 chair for Ken and 3 chairs for Traci.
• C)6 chairs for Ken and 1/3 chair for Traci.
• D)6 chairs for Ken and 3 chairs for Traci.

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Definitions:

Typewriter Shop

A retail outlet specializing in the sale, repair, and maintenance of typewriters.

Market Equilibrium

The point at which the supply of goods matches demand, causing stable prices.

Incentives

Factors or rewards that motivate individuals or organizations to perform an action or behave in a certain way.

Incomes

The monetary payment received for goods or services, or from other sources like investments, typically measured over a set period of time.