Use the following to answer question 8: In the Island of Never Land, Wendy only bakes bread; John only picks berries, and Peter Pan only milks the cow. At the end of the day they satisfy their needs by trading among themselves. 8. Since John picks berries and trades them for bread and milk, which of the following is true A) John has an absolute advantage in picking berries B) John has a comparative advantage in picking berries C) John likes berries D) John would rather pick berries than milk the cow

Use the following to answer question 8: In the Island of Never Land, Wendy only bakes bread; John only picks berries, and Peter Pan only milks the cow. At the end of the day they satisfy their needs by trading among themselves. 8. Since John picks berries and trades them for bread and milk, which of the following is true A) John has an absolute advantage in picking berries B) John has a comparative advantage in picking berries C) John likes berries D) John would rather pick berries than milk the cow

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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