The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance.
B) productive dominance.
C) comparative advantage.
D) absolute advantage.
Answer: C
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Which of the following will cause the investment function to shift upward?
a. A decrease in government subsidies to businesses b. An increase in business profits c. A decline in capacity utilization d. Expectations of higher business taxes e. An increase in the market rate of interest
Most agricultuel markets:
a. have a large number of relatively small producers b. have seen improving productivity and cost efficeincy c. both of the above d. neither of the above
Which of the following best describes aggregate expenditure?
What will be an ideal response?
Gross domestic product (GDP) equals the ________ of final ________ produced within a country during a given period of time.
A. market value; goods and services B. quantity; goods and services C. market value; goods D. market value; services