Table 2.5 Table 2.5 Shows the Output Per Month of Two People

question 160

Multiple Choice

Table 2.5

Table 2.5 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles.
-Refer to Table 2.5. What is Fred's opportunity cost of making a pogo stick?

• A)1/3 unicycle
• B)3 unicycles
• C)6/7 pogo stick
• D)1/2 unicycle

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Definitions:

Alternative Contingencies

Different or backup plans developed to address potential future events or circumstances that may impact objectives.

Uncertainty

The state of being unsure of something or the lack of predictability in potential outcomes.

Blue Ocean Strategy

A marketing theory that suggests companies are better off searching for ways to gain "uncontested market space" rather than competing with similar companies.

Market Share

Represents the percentage of an industry's total sales that is earned by a particular company over a specified time period, indicating the company's size within its market.