Tom and Jerry Have Two Tasks to Do All Day

question 81

Multiple Choice

Tom and Jerry have two tasks to do all day: make dishes and build fences.If Tom spends all day making dishes,he will have make 16 dishes.If he instead devotes his day to building fences,Tom will build 4 fences.If Jerry spends his day making dishes,he will make 14 dishes; if he spends the day building fences,he will build 7 fences.At the end of the day,Tom could have:

• A) (16 dishes, 4 fences) or (8 dishes, 2 fences).
• B) (8 dishes, 2 fences), or (4 dishes, 6 fences).
• C) (8 dishes, 2 fences), or (4 dishes, 3 fences).
• D) (12 dishes, 3 fences), or (8 dishes, 3 fences).

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Definitions:

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that a seller is willing and able to supply, usually depicted as upward sloping.

Real Price

The price of a good or service after adjusting for inflation, reflecting its true purchasing power over time.

Annual Consumption

The total amount of goods and services consumed by an individual, household, or economy in a one-year period.

Supply Curve

A graphical representation that shows the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.