-The Above Table Shows the Number of Pencils or Pens

question 36

Multiple Choice

-The above table shows the number of pencils or pens that could be produced by Don and Bob in an hour. This schedule shows that

• A) Don has an absolute advantage in the production of pencils, and Bob has an absolute advantage in the production of pens.
• B) Bob has an absolute advantage in the production of pencils, and Don has an absolute advantage in the production of pens.
• C) Don has a comparative advantage in the production of both pencils and pens.
• D) Bob has a comparative advantage in the production of pencils.

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Definitions:

Phantom Tickets

Tickets that are sold for an event that may have already sold out or for seats that do not exist, often associated with fraud or scams.

Willingness to Pay

The highest price a person is willing to pay for a product or service, indicating how much they value it.

Basketball Sneakers

Shoes specifically designed and constructed for playing basketball, offering support, traction, and durability.

Consumer Surplus

The gap demonstrated between a consumer's intended payment for a good or service and the actual charge they incur.