The Table Given Below Represents the Output Per Hour of Cookies

question 76

Multiple Choice

The table given below represents the output per hour of cookies and chilies in Ohio and Iowa. Table 2.4

-Refer to Table 2.4.Calculate the opportunity cost of a cookie in Iowa.

• A)8 chilies
• B)4 chilies
• C)96 chilies
• D)Less than in Ohio
• E)The same as in Ohio

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Definitions:

Complements

Products or services that are often used together, such that the demand for one increases the demand for the other.

Price

The sum of currency anticipated, required, or given in transaction for something.

Demand

The desire and ability of consumers to purchase goods and services at various prices.

Law of Demand

States that, all other factors being equal, as the price of a good increases, demand for that good decreases, and vice versa.