Table 3-33 Chris and Tony's Production Opportunities

question 244

Multiple Choice

Table 3-33
Chris and Tony's Production Opportunities
-Refer to Table 3-33 Chris and Tony both produce tomatoes and pasta sauce. The table shows their possible production per month if both work the same number of 8 hour days. Which of the following prices would result in a mutually advantageous trade between Chris and Tony?

• A)1 lb. of tomatoes for 23 jars of sauce
• B)1 lb. of tomatoes for 27 jars of sauce
• C)1 lb. of tomatoes for 33 jars of sauce
• D).Both a and b are correct.

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Definitions:

Productivity Workers

Employees whose output per period of time increases due to improvements in technology or work methods.

Labor Demand

The quantity of workers that employers are willing and able to hire at a given wage rate, reflecting businesses' need for labor.

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, in a given period.

College Degree

A formal certificate or title awarded by an educational institution signifying the completion of a specific course of study at a college or university level.