Refer to the Information Provided in Figure 20

question 92

Multiple Choice

Refer to the information provided in Figure 20.1 below to answer the question(s) that follow. Figure 20.1
-Refer to Figure 20.1. Canada has ________ advantage in the production of soybeans and ________ advantage in the production of alfalfa.

• A) a comparative; an absolute
• B) a comparative; neither a comparative nor absolute
• C) neither a comparative nor absolute; neither a comparative nor absolute
• D) an absolute; a comparative

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Definitions:

Increase Production

A situation where a company or country grows its capability to produce goods or services, often in response to higher demand or improved efficiency.

Marginal Costs

The additional cost incurred from producing one more unit of a good or service.

Aggregate Supply Curve

The aggregate supply curve represents the total output of goods and services that firms in an economy are willing and able to produce at different price levels, holding all else constant.

Output Increases

A rise in the quantity of goods or services produced by an economy or firm over a specific period.