Jonathan Can Make a Birdhouse in Three Hours

question 168

True/False

Jonathan can make a birdhouse in three hours.He can make a bird feeder in three hour.The opportunity cost to Jonathan of making a birdhouse is 1/3 bird feeder.

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Definitions:

Short Run

A period in economic analysis where at least one input is fixed and cannot change.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing to produce and sell at a given overall price level, during a certain time period.

Aggregate Demand

Total inclination for products and services within an economic system, priced at a determined aggregate price level over an appointed period.

Price Level

The general level of prices for goods and services in an economy at a specific point in time.