Table 2-7 Table 2-7 Shows the Output Per Month of Two People

question 102

Multiple Choice

Table 2-7

Table 2-7 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 2-7.What is Barney's opportunity cost of making a pogo stick?

• A)1/2 of a unicycle
• B)2 unicycles
• C)1/3 of a unicycle
• D)1.4 pogo sticks

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Definitions:

Specialty Product

Goods or services that are characterized by a unique quality, brand, or characteristic that drives consumers to make a special effort to purchase them.

Discretionary Product

A non-essential good or service purchased with disposable income, often subject to personal tastes and economic conditions.

Shopping Product

Goods that a consumer, in the process of selection and purchase, characteristically compares on such bases as suitability, quality, price, and style.

Convenience Product

A consumer item that is widely available and purchased frequently with minimal effort.