Suppose One Worker in New Ralph Island Can Produce 40

question 73

Multiple Choice

Suppose one worker in New Ralph Island can produce 40 walking sticks or 10 boomerangs each hour.The opportunity cost of producing 1 walking stick is _____.

• A)40 boomerangs
• B)0.01 hour of labor
• C)4 boomerangs
• D)0.25 boomerangs
• E)0.5 hours of labor

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Definitions:

Price Elasticity

Price elasticity quantifies how sensitive the demand or supply of a product is to variations in its price.

Sausages

Cylinder-shaped meat products usually made from ground meat, fat, salt, and spices, often encased in a skin.

Population

The total number of individuals or entities within a specific group or geographical area, often used in statistical and demographic analysis.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that sellers are willing and able to supply.