Tom Brady Should Probably Not Mow His Own Lawn Because

question 96

Multiple Choice

Tom Brady should probably not mow his own lawn because

• A) his opportunity cost of mowing his lawn is higher than the cost of paying someone to mow it for him.
• B) he has a comparative advantage in mowing his lawn relative to a landscaping service.
• C) he has an absolute advantage in mowing his lawn relative to a landscaping service.
• D) he might sprain his ankle.

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Definitions:

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in its price.

Demand Schedule

A table that shows the quantity of a good that consumers are willing to purchase at different prices.

Total Revenues

The total amount of income generated by the sale of goods or services before any expenses are subtracted.

Perfectly Inelastic

A market demand situation where the quantity demanded remains constant regardless of changes in price.