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Which of the following statements is true, based on the information below: Time to produce 1 guitar Opportunity cost of producing 1 guitar Time to
Which of the following statements is true, based on the information below: Time to produce 1 guitar Opportunity cost of producing 1 guitar Time to produce 1 drum Opportunity cost of producing 1 drum Dave 20 minutes 2 drums 10 minutes 0.5 guitars Kerry 40 minutes 1.33 drums 30 minutes 0.75 guitars Question 3 options: Dave has an absolute advantage in producing drums. Kerry has an absolute advantage in producing guitars. Dave has a comparative advantage in producing guitars. Kerry has a comparative advantage in producing drums
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