Comparative advantage refers to _____
A) the ability of an individual to produce a greater amount of a good than another individual.
B) the ability of an individual to produce a lesser amount of a good than another individual.
C) the ability of an individual to produce a good at a lower opportunity cost than another individual.
D) the ability of an individual to produce a good at a lower dollar cost than another individual.
E) the ability of an individual to produce a good using fewer labor hours than other individuals.
Correct Answer:
Verified
Q32: If Jeremy has an absolute advantage in
Q37: The ability to make something using fewer
Q38: A sunk cost _
A) can only be
Q39: Sunk costs _
A) can only be measured
Q40: When deciding how to divide up tasks,
Q41: Don can produce 10 pens or 20
Q43: If one person has an absolute advantage
Q44: Hans can do 4 loads of laundry
Q45: The law of comparative advantage states that
Q46: Janis mows a lawn in 1 hour
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