Comparative Advantage Is Determined by

question 58

Multiple Choice

Comparative advantage is determined by

• A)the amount of resources needed to produce a good
• B)the money cost of producing any good
• C)the opportunity cost of producing any good
• D)absolute advantage and production possibilities combined
• E)the level of demand for a good

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Definitions:

Key Success Factors

Critical elements or activities required for an organization to achieve its business objectives and be successful in its industry.

Local Responsiveness

The ability of an organization to understand local conditions and adapt its products and practices to meet the needs of a specific market.

Low Cost Reductions

Low cost reductions refer to strategies or measures implemented to decrease the expenses involved in operating a business, production, or delivering services without compromising quality.

Operations Strategies

Plans and policies developed to achieve efficient manufacturing, service delivery, and overall operational performance.