Examlex
Which of the following statements about evolution of behavior is correct?
Comparative Advantage
The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.
Opportunity Cost
The cost of foregone alternatives when a decision is made, representing the benefits that could have been gained by choosing the next best alternative.
Labor-intensive
Refers to a type of industry or process that requires a large amount of human labor to produce goods or services, as opposed to being heavily automated.
Comparative Advantage
The ability of an entity to produce a good or service at a lower opportunity cost than its competitors.
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