A Person with a Lower Opportunity Cost of Producing a Good

question 63

Multiple Choice

A person with a lower opportunity cost of producing a good than another person

• A)does not have a comparative advantage in either good.
• B)has a comparative advantage in that good.
• C)has no incentive to trade in that good.
• D)has a comparative advantage in the other good.
• E)has an absolute advantage in the other good.

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Definitions:

Primary

Refers to the first or most significant condition, factor, or level in a series or system.

Medicare

A federal health insurance program in the United States primarily for people who are 65 or older, as well as for certain younger people with disabilities or specific diseases.

Medical Expenses

Costs incurred in the prevention or treatment of injury or disease, including fees for physician services, medications, and hospital stays.

Independent Practice Association

An organization of independent physicians, or other healthcare providers, that contracts with health plans or directly with patients to provide care within negotiated price and service constraints.