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As part of a psychology experiment, Ed and Todd wrote essays saying that seat belts are unnecessary and laws requiring them should be abolished. From a questionnaire given several weeks before, it is known that both Ed and Todd are actually in favor of laws requiring seat belts. In the experiment, Ed is given a very small reward for writing the essay, while Todd is given a large reward for writing the essay. If their attitudes are subsequently measured, what is the most likely result?
Opportunity Costs
The expense incurred from not selecting the subsequent preferable choice when a decision is made.
Comparative Advantage
The ability of a country or entity to produce a good or service at a lower opportunity cost than others, enabling trade benefits.
Production
A process that transforms resources into goods and services.
Absolute Advantage
The ability of a country, company, or individual to produce a good or service more efficiently than competitors using the same amount of resources.
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