Comparative advantage means
A) the ability to produce a good or service at a lower opportunity cost than any other producer.
B) the ability to produce a good or service at a higher opportunity cost than any other producer.
C) compared to others you are better at producing a product.
D) the ability to produce more of a product with the same amount of resources than any other producer.
A
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When we look at a production possibilities curve, the opportunity cost can be understood as
A) The point of maximum production of one good B) The amount of the other good that must be given up for one more unit of production C) The total cost of producing the good D) The price people will pay for the additional amount produced
The question of whether the public or the private sector is appropriate to provide public goods must be decided on a case by case basis
a. True b. False