Mike and Sandy Are Two Woodworkers Who Both Make Tables

question 79

Multiple Choice

Mike and Sandy are two woodworkers who both make tables and chairs.In one month,Mike can make 4 tables or 20 chairs,where Sandy can make 6 tables or 18 chairs.Given this,we know that the opportunity cost of 1 table is

• A) 1/5 chair for Mike and 1/3 chair for Sandy.
• B) 1/5 chair for Mike and 3 chairs for Sandy.
• C) 5 chairs for Mike and 1/3 chair for Sandy.
• D) 5 chairs for Mike and 3 chairs for Sandy.

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Definitions:

Decision-Making Process

A series of steps a person or organization takes to come to a conclusion and take action, from identifying a problem to evaluating the outcomes of the chosen solution.

Clarify

To make a statement or situation less confused and more comprehensible.

Criterion

A standard or rule by which something can be judged or decided.

Timely Information

Information received or provided at an appropriate time to influence decision-making.