Use the Following Scenario to Answer Thefollowing Questions

question 142

Multiple Choice

Use the following scenario to answer thefollowing questions:
An economy has two workers,Smith and Ricardo.Each day they work,Smith can produce 4 computers or 16 smartphones,and Ricardo can produce 6 computers or 12 smartphones.
-The opportunity cost for Smith to produce one smartphone is ________ computer(s) .

• A) one-quarter of a
• B) one-half of a
• C) one
• D) two
• E) four

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Definitions:

Outright Competition

A market scenario where businesses directly contend with each other offering similar products or services to the same customer base.

Avoidance

Involves pretending a conflict does not really exist.

Pretending

is the act of simulating or giving the appearance of a particular state, condition, or attribute, often to deceive or for playful purposes.

Common Goals

Shared objectives or aims among a group of individuals or within an organization that guide collective efforts and actions.