Figure 3-3 Ice Cream and Cones Are Measured in Kilograms

question 126

Multiple Choice

Figure 3-3
Ice cream and cones are measured in kilograms.
-Refer to Figure 3-3. What does each of the two producers have a comparative or absolute advantage in?

• A) Ben has an absolute advantage in cones, and Jerry has a comparative advantage in ice cream.
• B) Ben has an absolute advantage in both goods, and Jerry has a comparative advantage in cones.
• C) Ben has an absolute advantage in ice cream, and Jerry has a comparative advantage in cones.
• D) Ben has an absolute advantage in neither good, and Jerry has a comparative advantage in ice cream.

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Definitions:

Maslow's Hierarchy

A psychological theory that categorizes human needs into five hierarchical levels, from physiological needs to self-actualization.

Targeting

Evaluating each market segment to determine which segments present the most attractive opportunity to maximize sales.

Cultural Factors

Elements of culture that influence consumer behaviors and preferences, including language, beliefs, values, and norms.

Economic Conditions

A state of a region or country's economy, encompassing factors such as growth rates, unemployment, inflation, and consumer confidence.