Michael and Angelo are both artists who can create sculptures or paintings each day. The following table describes their maximum outputs per day. Use this table to answer the questions that follow.
-Does either Michael or Angelo have a comparative advantage?
Definitions:
Accounts Payable
The amount of money a company owes to suppliers or creditors for goods and services received but not yet paid for.
Merchandise Inventory
Goods held for sale by a business, typically in a retail or wholesale setting, valued at either cost or market price.
Building Contractors
Businesses or individuals that oversee the construction of buildings or structures, managing materials, labor, and compliance with regulations.
Monthly Depreciation
The portion of the cost of a tangible fixed asset that is considered consumed or used up in the operations of a business each month.
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