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:

Transumer

A consumer who prioritizes experiences over possessions and often engages in temporary use or rental of goods rather than ownership.

Second-Party Response

Feedback or reactions received directly from someone who is involved in a conversation or transaction, as opposed to third-party or external opinions.

Free Will

The concept that humans have the ability to make choices that are not determined by prior causes or by divine intervention.

Conscious Mind

The aspect of the mind that is aware of thoughts, feelings, and surroundings at any given moment.