The ability to produce a good at lower opportunity costs than another producer is known as
A) comparative advantage.
B) marginal cost production.
C) economies of scale.
D) absolute advantage.
Answer: A
Economics
You might also like to view...
Refer to the table above. What is the firm's marginal cost when it produces 55 units of the good?
A) $0.33 B) $0.50 C) $0.66 D) $0.75
Economics
Refer to Figure 15-10. What is the area that represents consumer surplus under a monopoly?
A) the triangle P0P2E B) the trapezium P1P2EF C) the rectangle P1P3HF D) the triangle P0P1F
Economics