Table 184
-Consider Two Individuals, Artie and Deena, Who Produce Wind

question 140

Multiple Choice

$\begin{array}{|l|c|c|} \hline & \text { Wind Chimes } & \text { Sundials } \\\hline \text { Deena } & 9 & 12 \\\hline \text { Artie } & 6 & 8\\\hline \end{array}$
Table 18.4
-Consider two individuals, Artie and Deena, who produce wind chimes and sundials. Artie?s and Deena?s weekly productivity are shown in Table 18.4. Which of the following is true?

• A)Artie has a comparative advantage in producing wind chimes but not sundials.
• B)Artie has a comparative advantage in producing sundials but not wind chimes.
• C)Artie has a comparative advantage in producing both goods.
• D)Artie does not have a comparative advantage in producing either good.

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Definitions:

Total Revenue

The total amount of money received by a company from sales of its goods or services, calculated as the quantity sold multiplied by the selling price.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the surplus generated beyond the normal profit expected in a competitive market.

Total Costs

The complete sum of expenses incurred in the production of goods or services, including both fixed and variable costs.

Perfectly Competitive

A market structure where there are many buyers and sellers, products are identical, and there is free entry and exit in the market.