Figure 3-5 These Graphs Illustrate the Production Possibilities Available for Dancing Shoes

question 171

Multiple Choice

Figure 3-5
These graphs illustrate the production possibilities available for dancing shoes to Fred and Ginger with 40 hours of labour.
-Refer to Figure 3-5. What should Ginger and Fred specialize in?

• A) Ginger should specialize in tap shoes, and Fred should specialize in ballet slippers.
• B) Ginger should specialize in both goods, and Fred should specialize in neither good.
• C) Ginger should specialize in ballet slippers, and Fred should specialize in tap shoes.
• D) Ginger should specialize in neither good, and Fred should specialize in both goods.

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Definitions:

Social Commerce

The use of social media platforms to facilitate the buying and selling of products and services.

Collaborative Purchasing

The practice of joining with others to buy goods or services in bulk to benefit from reduced prices or better terms.

Social Shopping

Online shopping that incorporates social media and user contributions to facilitate buying decisions.

Niche Market

A specialized segment of the market for a particular kind of product or service.