Which of the following is TRUE with respect to specialization?

A. Individuals and nations specialize in their areas of comparative advantage in order to reap the gains of specialization.
B. With a given set of resources, specialization results in higher output.
C. Adam Smith inĀ The Wealth of NationsĀ referred to specialization and division of labor.
D. All of these are correct.


Answer: D

Economics

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