Scenario: Mark can make three tables and one chair in a day, while John can make four tables and one chair in a day.
-Refer to the scenario above.Mark's opportunity cost of making a table is ________.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the cost of giving up one option to pursue another. To make one table, Mark gives up the opportunity to make 0.33 of a chair (since he can make three tables and one chair in a day). This means that his opportunity cost of making a table is 0.33 of a chair.

The best choice(s) cannot be determined from the information given.

Scenario: Mark Can Make Three Tables and One Chair in a Day