A Person Has a Comparative Advantage in an Activity Whenever

question 89

Multiple Choice

A person has a comparative advantage in an activity whenever he or she

• A)can do the activity in less time than anyone else.
• B)can do everything better than anyone else.
• C)can perform the activity at a lower opportunity cost than anyone else.
• D)has an absolute advantage in the activity.

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Definitions:

Financial Ratio

A quantitative analysis tool that uses figures from financial statements to assess a company's performance, liquidity, solvency, and profitability.

Standard Run

A term used to describe a typical or routine operation or production process without any special modifications or enhancements.

Inventory

A detailed list of items in stock or the total value of these items for a business.

Better Business Bureau

An organization focused on advancing marketplace trust, consisting of independently incorporated local BBB organizations in the US and Canada, which review businesses, charities, and advertisements for authenticity and ethical conduct.