Comparative advantage means the ability to produce a good or service
A) at a lower selling price than any other producer.
B) at a lower opportunity cost than any other producer.
C) of a higher quality than any other producer.
D) at a higher profit level than any other producer.
Answer: B
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Jane contributes time and money for charity because she values helping others. This is an example of ________
A) pure altruism B) rationalism C) impure altruism D) liberalism
Economists no longer attack industry concentration with the same fervor they once did because
A. small firms do the most research in the United States. B. the benefits of product differentiation and product competition are illusory. C. even firms in highly concentrated industries can be pushed to produce efficiently under certain market circumstances. D. substantial economies of scale result in completely competitive market structures.