The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
If the price of labor increases from $2 to $3, then the results of using Technique C will change from an
Economic
A) loss of $2 to a loss of $1.
B) proﬁt of $2 to a proﬁt of $1.
C) proﬁt of $1 to a proﬁt of $2.
D) loss of $1 to a loss of $2.

Question

The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
 If the price of labor increases from $2 to $3, then the results of using Technique C will change from an
Economic
A) loss of $2 to a loss of $1. 
B) proﬁt of $2 to a proﬁt of $1. 
C) proﬁt of $1 to a proﬁt of $2. 
D) loss of $1 to a loss of $2.

Quizplus · Accepted Answer

The Answer of The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
 If the price of labor increases from $2 to $3, then the results of using Technique C will change from an
Economic
A) loss of $2 to a loss of $1. 
B) proﬁt of $2 to a proﬁt of $1. 
C) proﬁt of $1 to a proﬁt of $2. 
D) loss of $1 to a loss of $2.

The Following Table Illustrates Alternative Production Techniques for Producing 18