Table 2-5 Table 2-5 Shows the Output Per Month of Month

question 181

Multiple Choice

Table 2-5
Table 2-5 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles.
-Refer to Table 2-5.What is Fred's opportunity cost of making a pogo stick?

• A) 1/3 of a unicycle
• B) 3 unicycles
• C) 6/7 of a pogo stick
• D) 1/2 of a unicycle

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, leading to a stable market condition.

Fine Imposed

A penalty, usually in the form of a monetary payment, levied by an authority on individuals or entities as punishment for violating regulations or laws.

Cockatoos

A group of large, colorful parrots with a distinctive crest, native to Australasia.

Smuggled

Illegally transported goods or persons across borders to avoid customs duties or immigration restrictions.