The ability to produce a good or service at a lower opportunity cost than other producers is
A) absolute advantage.
B) comparative advantage.
C) opportunity advantage.
D) special advantage.
B
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According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this week-end if:
A. the benefits of seeing the movie are greater than the costs of seeing the movie. B. you have a free ticket. C. you can afford to go to the movies. D. you really like Star Wars.
The long run market supply curve is formed by adding up individual firm supply curves in the industry.
Answer the following statement true (T) or false (F)
What is the difference between a bank run and a bank panic? How might a bank run and asymmetric information lead to a bank panic?
What will be an ideal response?
Advances in chemical and biological applications before World War I (1914–1918) increased agricultural output per acre
Indicate whether the statement is true or false