In an Eight-Hour Day,Andy Can Produce Either 24 Loaves of Bread

question 143

Multiple Choice

In an eight-hour day,Andy can produce either 24 loaves of bread or 8 pounds of butter.In an eight-hour day,John can produce either 8 loaves of bread or 8 pounds of butter.The opportunity cost of producing 1 pound of butter is

• A) 1/3 hour for Andy and 1 hour for John.
• B) 1 hour for Andy and 1 hour for John.
• C) 3 loaves of bread for Andy and 1 loaf of bread for John.
• D) 1/3 loaves of bread for Andy and 1 loaf of bread for John.
• E) none of the above

---

Definitions:

Social Commitment

A pledge or obligation to follow through with certain social behaviors or attitudes, often for the benefit of a group or community.

Self-Perception Theory

The theory that people sometimes infer their attitudes and attributes by observing their behavior and the situation in which it occurs.

Appearance Of Scarcity

The perception that a resource is scarce, which can increase its demand and perceived value.

Norm Of Reciprocity

An explanation for why we give help: If I help you today, you might be more likely to help me tomorrow.