The ability to produce the same quantity of a good or service using fewer units of labor is known as
A) competitive dominance.
B) productive dominance.
C) comparative advantage.
D) absolute advantage.
Answer: D
You might also like to view...
The Law of Demand is the reason behind:
A) the price elasticity of demand having a positive value. B) the income elasticity of demand having a positive value. C) the price elasticity of demand having a negative value. D) the income elasticity of demand having a negative value.
The deadweight loss associated with output less than the competitive level can be determined by
A) subtracting the competitive level producer surplus from the producer surplus associated with less output. B) subtracting the consumer surplus from the producer surplus associated with less output. C) summing the consumer and producer surplus associated with less output. D) summing the change in the total consumer and producer surplus from moving from the competitive level of output to less output.
For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good
a. True b. False Indicate whether the statement is true or false
Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week(millions of gallons) Price pergallon 6 $3.00 5 2.50 4 2.00 3 1.50 2 1.00 1 .50 Exhibit 3-5 shows the supply schedule for Tucker's Cola. Suppose there are four additional suppliers of cola in the market. When the price per gallon of cola is $1.50, the first supplier is willing to sell 10 million gallons, the second supplier is willing to sell 2 million gallons, the third supplier is willing to sell 5 million gallons, and the fourth supplier is willing to sell 0 gallons. The market quantity supplied of cola when the price is $1.50 is
A. 17 million gallons. B. 20 million gallons. C. 30 million gallons. D. 0 gallons.