The ability to produce at a lower opportunity cost than someone else is referred to as:
a. absolute advantage
b. comparative advantage.
c. absolute superiority.
d. competitive disadvantage.
b
Economics
You might also like to view...
Which of the following represents a good example of an oligopoly?
A) the agriculture industry B) a public utility C) the automobile industry D) the restaurant industry
Economics
Which of the following is not one of the three fundamental economic questions?
A. Where to produce? B. For whom to produce? C. How to produce? D. What to produce?
Economics