Table 3-4 Assume That the Farmer and the Rancher Can Switch Between

question 205

Multiple Choice

Table 3-4
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.

-Refer to Table 3-4.The farmer has a comparative advantage in the production of

• A) meat.
• B) potatoes.
• C) both goods.
• D) neither good.

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Definitions:

ROM

Acronym for Read-Only Memory, a type of non-volatile storage medium that permanently stores data on personal computers and other electronic devices.

RAM

See random-access memory.

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A local individual or business that sells goods or services in a specific area or community.

Supply Companies

Businesses that provide materials, equipment, and supplies to consumers, businesses, or other organizations.