Table 3.4 -Consider Two Individuals, Artie and Deena, Who Produce Wind Chimes

question 88

Multiple Choice

Table 3.4

-Consider two individuals, Artie and Deena, who produce wind chimes and sun dials. Artie's and Deena's weekly productivity are shown in Table 3.4. Which of the following is true?

• A) Artie has a comparative advantage in producing wind chimes but not sun dials.
• B) Artie has a comparative advantage in producing sun dials 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:

Influence

The capacity or power of persons or things to affect others' actions, behavior, or perceptions directly or indirectly.

Free-enterprise Society

A type of economic system where private individuals are free to make decisions regarding the production, distribution, and consumption of goods and services, with minimal government intervention.

Marketing

The activities involved in advertising, selling, and delivering a product or service, which include conducting market studies and promoting.

Customer Value

The satisfaction obtained by a customer from a product or service compared with its cost, crucial for customer retention and loyalty.