Table 2-3 Table 2-3 Shows the Output Per Week of Two Jewelers

question 16

Multiple Choice

Table 2-3

Table 2-3 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2-3.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:

Marginal Revenue

The additional income that a firm generates from selling one more unit of a good or service.

Graphing Calculators

Portable, handheld calculators capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.

Monopoly

A market structure characterized by a single seller selling a unique product in the market.

Marginal Revenue

The additional income earned from selling one more unit of a good or service.