Table 24 Table 2

question 187

Multiple Choice

Table 2.4 Table 2.4 shows the output per week of two jewellers, Serena and Haley.They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2.4.What is Serena's opportunity cost of making a necklace?

• A)2 necklaces
• B)1/2 of a bracelet
• C)1/2 of a necklace
• D)3/4 of a bracelet

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Definitions:

Prevail

To be widespread or dominant, or to win against opposing forces.

Concentration Ratio

A measure used in economics to assess the extent of market control held by the largest firms within an industry.

Profit-maximizing Output

The level of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.

Total Cost

The sum of all costs required to produce a certain amount of a good or service, including fixed and variable costs.