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Answer :
Final answer:
Jeremy's lemon production rate is less than Rob's because Jeremy produces fewer lemons per day. Comparative advantage suggests that individuals and economies benefit from specialization based on opportunity costs, leading to increased total output when engaging in trade. So, the correct answer is option c) Jeremy's lemon production rate is less than Rob's.
Explanation:
If Jeremy can produce fewer lemons per day than Rob, it means that Jeremy's lemon production rate is less than Rob's. Production rates refer to the quantity of goods a person can produce over a given time period. Because Jeremy produces fewer lemons than Rob in a day, his production rate is lower.
Understanding production rates and their implications on comparative advantage is fundamental in economics. For instance, if we have two people, Ann and Bob, each with different production capabilities for hors d'oeuvres and chopped vegetables, they can maximize their total output by each focusing on the tasks where they have a comparative advantage. Ann may cut vegetables at a lower opportunity cost, making it advantageous for her to focus on that task, while Bob may be more efficient at creating hors d'oeuvres.
In more complex economic scenarios, the theory of comparative advantage still applies. For example, if one producer can generate more broccoli, they should focus on producing broccoli, even if they can also produce more cabbage than another producer. The other producer should then focus on cabbage, so long as their opportunity cost of producing cabbage is lower than producing broccoli. By specializing in such a way, both parties can end up with more of both commodities through trade.
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