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 chair is ________.

Question

Quizplus · Accepted Answer

Mark's opportunity cost of making a chair is the amount of other goods (in this case, tables) he must give up to make one chair. Since Mark can make 3 tables in the time it takes him to make 1 chair, his opportunity cost of making a chair is 3 tables.

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