Based on the table below, which of the following statements is true? The Opportunity Cost of Steel and Ketchup Opportunity cost Person Steel Bar 1 Bottle of Ketchup 1 bottle of ketchup 4 bottles of ketchup 1 steel bar Andy Henry 1/4 steel bar Both Henry and Andy have comparative advantages in producing ketchup bottles and steel bars. Henry has a comparative advantage in producing ketchup bottles, while Andy has a comparative advantage in producing steel bars. Henry has a comparative advantage in producing steel bars, while Andy has a comparative advantage in producing ketchup bottles. Neither Henry nor Andy has a comparative advantage in producing ketchup bottles or steel bars.
Based on the table below, which of the following statements is true? The Opportunity Cost of Steel and Ketchup Opportunity cost Person Steel Bar 1 Bottle of Ketchup 1 bottle of ketchup 4 bottles of ketchup 1 steel bar Andy Henry 1/4 steel bar Both Henry and Andy have comparative advantages in producing ketchup bottles and steel bars. Henry has a comparative advantage in producing ketchup bottles, while Andy has a comparative advantage in producing steel bars. Henry has a comparative advantage in producing steel bars, while Andy has a comparative advantage in producing ketchup bottles. Neither Henry nor Andy has a comparative advantage in producing ketchup bottles or steel bars.
Chapter2: Economic Tools And Economic Systems
Section: Chapter Questions
Problem 3.5P
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