Suppose that at a bicycle shop, instead of having each worker assemble an entire bicycle themselves, one person welds the frames, another person works on the braking system, another person works on the tires, and another person works on the gears. This best demonstrates the concept of
A) division of labor.
B) microeconomics.
C) comparative advantage.
D) absolute advantage.
Correct Answer:
Verified
Q342: Specialization can occur because
A) governments pass laws
Q343: Tiger Woods, a professional golfer, pays a
Q344: Comparative advantage implies choosing the activity that
A)
Q345: If individual X has comparative advantage in
Q346: If a country's production possibilities curve gets
Q348: A person has a comparative advantage in
Q349: The division of labor refers to
A) workers
Q350: Division of labor refers to
A) dividing tasks
Q351: Division of labor increases the output of
Q352: Why do people specialize?
A) Specialization allows people
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