Graph 3-1 These Figures Illustrate the Production Possibilities Frontiers for Robinson Crusoe

question 23

Multiple Choice

Graph 3-1

These figures illustrate the production possibilities frontiers for Robinson Crusoe and Friday with 12 hours of labour.
-According to Graph 3-1:

• A)Robinson Crusoe has a comparative advantage in fish, and Friday has a comparative advantage in coconuts
• B)Robinson Crusoe has a comparative advantage in coconuts, and Friday has a comparative advantage in fish
• C)Robinson Crusoe has a comparative advantage in fish, and Friday has a comparative advantage in fish
• D)Robinson Crusoe has a comparative advantage in fish, and Friday has a comparative advantage in neither goods

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Definitions:

Consumer Bill of Rights

A set of principles designed to protect consumer interests, ensuring they have the right to safety, to be informed, to choose, and to be heard.

Ethics of Exchange

Principles and standards that guide fair and equitable trade practices between parties in a transaction.

Right to Choose

The consumer’s entitlement to have a variety of options when selecting goods or services, emphasizing the importance of competition and quality in markets.

Economic Espionage

The illegal practice of stealing confidential information from businesses to gain a competitive advantage.