In general,individuals should specialize in producing those goods for which they
A) can produce more quickly than others.
B) can produce less quickly than others.
C) have the lowest opportunity cost compared to others.
D) have the highest opportunity cost compared to others.
E) have an average opportunity cost.

Question

Quizplus · Accepted Answer

According to the principle of comparative advantage, individuals should specialize in producing goods for which they have the lowest opportunity cost compared to others. This means that they should focus on producing goods in which they have a comparative advantage, meaning they can produce these goods at a lower opportunity cost than others. By specializing in producing these goods, individuals can increase their productivity and efficiency, leading to an overall increase in economic output.

In General,individuals Should Specialize in Producing Those Goods for Which