Exhibit 2-1 -Refer to the Exhibit

question 138

Multiple Choice

Exhibit 2-1
$$\begin{array} { l r r } & \text { Hans } & \text { Maria } \\\hline \text { Loads of laundry per hour } & 4 & 12 \\\text { Pages typed per hour } & 6 & 8\end{array}$$
-Refer to the exhibit.What is Maria's opportunity cost of typing a page?  

• A) 6 loads of laundry 
• B) 4 loads of laundry 
• C) 1 1/2 loads of laundry 
• D) 2/3 of a load of laundry

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Definitions:

Indifference Curve

A graph representing different bundles of goods between which a consumer is indifferent, showing combinations that provide the same level of satisfaction.

Substitution Effect

A concept in economics describing the change in consumption resulting from a change in the price of one good relative to the price of other goods.

Giffen Goods

A type of good for which demand increases as the price increases, and falls when the price decreases, violating the basic law of demand in economics.

Law of Demand

A fundamental principle stating that all else being equal, as the price of a good increases, the quantity demanded of that good decreases, and vice versa.