-Refer to Table 3-1

question 114

Multiple Choice

-Refer to Table 3-1. What does each producer have an absolute or comparative advantage in?

• A) The rancher has an absolute advantage in both goods, and the farmer has a comparative advantage in meat.
• B) The rancher has an absolute advantage in meat, and the farmer has a comparative advantage in potatoes.
• C) The rancher has an absolute advantage in meat, and the farmer has a comparative advantage in neither good.
• D) The rancher has an absolute advantage in both goods, and the farmer has a comparative advantage in potatoes.

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Definitions:

Gold

A chemical element with the symbol Au (from Latin: aurum) and atomic number 79, valued for its rarity, malleability, and as a monetary standard.

Elemental Symbol

A one or two-letter abbreviation assigned to each chemical element based on its name, often derived from its name in Latin.

Lead

A heavy, malleable, ductile metal with a low melting point, often used in batteries and protective shielding.

Elemental Symbol

A notation consisting of one or two letters representing a chemical element (e.g., "O" for oxygen, "Fe" for iron).