Table 3.2 -Consider Two Individuals, Jesse and April, Who Hand Paint Kites

question 4

Multiple Choice

Table 3.2

-Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is true?

• A) April has both an absolute and comparative advantage in painting kites.
• B) April has both an absolute and comparative advantage in painting snowboards.
• C) April has neither an absolute nor comparative advantage in painting kites.
• D) April has neither an absolute nor a comparative advantage in painting snowboards.

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Definitions:

Game Theory

A branch of mathematics and economics that studies decision-making in situations where the outcome depends on the actions of two or more decision makers.

John Nash

A mathematician and Nobel Prize winner known for his work in game theory, including the development of the Nash equilibrium concept.

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The rapid and widespread advancements in technology and digital systems that drastically changed industries, economies, and societies.

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Describes the organization and characteristics of markets, varying in the level of competition from perfect competition to monopoly.