-Refer to Table 3-2

question 42

Multiple Choice

-Refer to Table 3-2. What does each producer have a comparative advantage in?

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

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Definitions:

Control Function

An essential management activity that involves measuring actual performance, comparing it against set standards, and taking corrective action to ensure goal achievement.

Feedback

Information or reactions about a process or activity that is used as a basis for improvement.

Revise Plans

The process of reviewing and updating strategic, operational, or project plans based on new information or changes in circumstances.

Lean Business Model

A strategic approach to running a company that emphasizes creating more value for customers with fewer resources.