Mike and Sandy Are Two Woodworkers Who Both Make Tables

question 84

Multiple Choice

Mike and Sandy are two woodworkers who both make tables and chairs.In one month,Mike can make 4 tables or 20 chairs,where Sandy can make 6 tables or 18 chairs.Who has an absolute advantage in which product?

• A)Mike in chairs, Sandy in tables
• B)both Mike and Sandy in tables
• C)both Mike and Sandy in chairs
• D)Mike in tables, Sandy in chairs

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Definitions:

Union Workers

Employees who are members of a labor union, which negotiates collective bargaining agreements on their behalf.

Perfectly Inelastic Supply

A market condition where the quantity supplied does not change regardless of price fluctuations.

Bargaining Power

The relative capacity of one of the parties in a negotiation or deal-making scenario to influence the terms of an agreement.

Non-Union Workers

Employees who are not members of a labor union and therefore may not benefit from collective bargaining agreements.