Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others
a. fixed cost
b. variable cost
c. opportunity cost
d. total cost
c
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Public choice theory indicates someone who spends more time evaluating which tennis racket to buy than deciding which U.S. Senate candidate to support
a. is behaving irrationally. b. is behaving rationally, given the structure of incentives confronted. c. will likely be responsible for electing the wrong senator. d. is failing to maximize his own personal utility.
The advent of Netflix movie streaming and Redbox kiosks renting DVD and Blu-ray movies have virtually demolished the market for video rentals from brick and mortar stores such as Blockbuster. This is an example of
a. creative destruction.
b. derived demand.
c. capital accumulation.
d. the difference between normal and economic profits.