Table 2-8
Table 2-8 shows the output per month of two people,Wilma and Betty.They can either devote their time to making marble statues or making marble benches.
-Refer to Table 2-8.What is Wilma's opportunity cost of making a bench?
A)1/3 of a statue
B)3 statues
C)1/2 of a bench
D)1.3 statues

Question

Table 2-8
  Table 2-8 shows the output per month of two people,Wilma and Betty.They can either devote their time to making marble statues or making marble benches.
-Refer to Table 2-8.What is Wilma's opportunity cost of making a bench?
A)1/3 of a statue 
B)3 statues 
C)1/2 of a bench 
D)1.3 statues

Quizplus · Accepted Answer

Wilma can make either 3 statues or 2 benches in a month. Therefore, her opportunity cost of making a bench is 3 statues.

The best choice(s) depend on the individual's preferences and goals. If they value quantity over variety, they may choose to specialize in one product and produce as much as possible. If they value variety, they may choose to split their time between the two products. Additionally, the market demand and price for each product may also influence their decision.

Table 2-8 Table 2-8 Shows the Output Per Month of Month