If Jason Can Wash a Car in 20 Minutes and Wash

question 88

Multiple Choice

If Jason can wash a car in 20 minutes and wash a dog in 10 minutes, and Megan can wash a car in 15 minutes and wash a dog in 15 minutes, which of the following statements is true?

• A)The opportunity cost of washing a car is greater for Megan.
• B)The opportunity cost of washing a car is one dog bath for Jason.
• C)Megan could wash two cars in the time it takes to wash a dog.
• D)Jason has both a comparative and an absolute advantage in washing a dog.
• E)The opportunity cost of washing a dog is greater for Jason.

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Definitions:

Incorporated

The process of forming a corporation, which is a legal entity recognized by law as separate from its owners.

General Partnership

A business partnership where all partners share unlimited liability for the business's debts and obligations.

State Agency

An organization run by the state government, performing specific functions or services.

Corporation

A legal entity that is separate and distinct from its owners, which can own property, be taxed, and be held legally liable.