The __________________ Is the Ability to Produce Something with Fewer

question 8

Multiple Choice

The __________________ is the ability to produce something with fewer resources or to produce more with the same resources as another producer.

• A)Opportunity cost
• B)Absolute advantage
• C)Comparative advantage
• D)Marginal benefit

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Definitions:

Convenience Goods

Consumer items that are widely available and can be bought frequently and with minimal effort, such as everyday household items.

Personal Computers

Electronic devices designed for individual use, capable of executing a set of instructions or software.

Product Mix

The total range of products that a company offers to sell, including variations of products based on size, color, or other attributes.

Breadth

The range or variety of products or services offered by a company or available within a market.