Table 2-19 Table 2-19 Shows the Output Per Month of Month

question 293

Multiple Choice

Table 2-19
Table 2-19 shows the output per month of two people, Wilma and Betty. They can either devote their time to making marble statues or making marble benches.
-Refer to Table 2-19. What is Wilma's opportunity cost of making a bench?

• A) 1/3 of a statue
• B) 3 statues
• C) 1/2 of a bench
• D) 1.3 statues

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Definitions:

Average Cost

The total cost of production divided by the number of units produced, reflecting the average expense per unit.

Standard Meals

Pre-defined, fixed meals that are regularly available in establishments like restaurants or cafeterias.

Producing

The process of creating goods or services.

Profit

The financial gain obtained when revenue from selling a product or service exceeds the costs of producing it.