John and Tracy are two woodworkers who both make tables and chairs, In one month, John can make 3tables or 18 chairs, whereas Tracy can make 8 tables or 24 chairs. Given this, we know that Select one: a. Tracy has an absolute advantage in chairs. b.John has an absolute advantage in chairs C.John has a comparative advantage in tables. d.Tracy has a comparative advantage in chairs.
John and Tracy are two woodworkers who both make tables and chairs, In one month, John can make 3tables or 18 chairs, whereas Tracy can make 8 tables or 24 chairs. Given this, we know that Select one: a. Tracy has an absolute advantage in chairs. b.John has an absolute advantage in chairs C.John has a comparative advantage in tables. d.Tracy has a comparative advantage in chairs.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains Rrom Trade
Section3.2: Comparative Advantage: The Driving Force Of Specialization
Problem 2QQ
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