Table 2-7 Table 2-7 Shows the Output Per Week of Week

question 217

Multiple Choice

Table 2-7
Table 2-7 shows the output per week of two people,Minnie and Mickey.They can either devote their time to making hats or making umbrellas.
-Refer to Table 2-7.What is Mickey's opportunity cost of making an umbrella?

• A)1/5 of a hat
• B)5 hats
• C)10 hats
• D)50 hats

---

Definitions:

Competitive Industries

Sectors of the economy that have a large number of firms vying for market share, leading to better products and services for consumers.

Minimizing Losses

A strategy focused on reducing the amount of money or resources wasted or not utilized efficiently.

Output

The total amount of goods and services produced by an economy or a firm in a specific period.

Natural Monopoly

A market condition where a single firm can supply a good or service to an entire market at a lower cost than two or more firms, often due to high fixed costs or unique resources.