Figure 22

Figure 2 $\frac{3}{4}$ Kilograms of Fish
B)1

question 26

Multiple Choice

Figure 2.2

Figure 2.2 above shows the production possibilities frontier for Atikamekw Cree (ca. 1600) with a historical tradition of fishing and farming. Assume they produce two goods: fish and grains
-Refer to Figure 2.2.What is the opportunity cost of one kilogram of grain?

• A) \(\frac{3}{4}\) kilograms of fish
• B)1.2 kilograms of fish
• C) \(1 \frac{1}{3}\) kilograms of fish
• D)12 kilograms of fish

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Definitions:

Market Entry

The process by which a new competitor enters an existing market to offer goods or services.

Profits Maximize

The process of adjusting production and operations to achieve the highest possible profit margins.

Restaurant Industry

A sector of the economy that is concerned with the preparation, sale, and service of food and beverages to customers.

Quantity

The amount or number of a material or immaterial good considered as a unit or units.