1. A dentist might charge his patient a cancelation fee if the patient didn\'t g
ID: 1217229 • Letter: 1
Question
1. A dentist might charge his patient a cancelation fee if the patient didn't give the debris 24 hours notice they were going to cancel. the justification to this fee is: a) limited cost b) opportunity cost c) scarcity d) comparative advantage
2. T/F Trade-offs can lead to economies of scale, division of labor, and specialization of Labor.
3. an economy has a comparative advantage in producing a good if it can produce that good at a ________ opportunity cost than could other economies. a) higher b) lower c) the same d) consistent
4. T/F Division of labor is breaking down the production of a good into separate tasks.
5. T/F One scenario that can be applied to opportunity cost is the guns vs butter debate
Explanation / Answer
1.A dentist might charge his patient a cancelation fee if the patient didn't give the debris 24 hours notice they were going to cancel. the justification to this fee is: opportunity cost. Becuase if the appointment is cancelled on time, some other person can get that because evry appointment has an ooportunity cost.
b. True. Trade-offs can lead to economies of scale, division of labor, and specialization of Labor.
c. an economy has a comparative advantage in producing a good if it can produce that good at a ______ower__ opportunity cost than could other economies.
d. True. Division of labor is breaking down the production of a good into separate tasks. This allows speciasation, efficiency and lower cost.
e. True.
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