If Helen Can Paint One Room in the Time It

question 66

Multiple Choice

If Helen can paint one room in the time it takes her to bake 40 cakes and Josh can paint one room in the time it takes him to bake 60 cakes,Helen's opportunity cost of baking one cake is:

• A)painting one room.
• B)painting 1/40 of a room.
• C)painting 1/60 of a room.
• D)painting 2/3 of a room.
• E)painting 3/2 of a room.

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Definitions:

Elastic Demand

Refers to a situation where the quantity demanded of a good or service changes drastically in response to changes in its price.

Industry Output

The total production of goods and services provided by an industry within a specific period.

Equilibrium Point

A state in which market supply and demand balance each other, resulting in stable prices.

Wage Rate

The standard amount of pay given for work performed, typically expressed on an hourly, daily, or piecework basis.