Provide an Appropriate Response

question 42

Multiple Choice

Provide an appropriate response.
-A person is always late for class. Identify the potential error as random or systematic.

• A)Systematic
• B)Random

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Definitions:

Production Possibilities Curves

A graphical representation showing the maximum combination of goods and services that can be produced within a set timeframe with available resources.

Trading Possibilities Curves

A graphical representation depicting the range of goods and services that a country can produce and trade given its resources and technology.

Substitutability

The degree to which one product or service can be replaced by another to satisfy the same need or want.

Comparative Advantage

Comparative advantage refers to the ability of an entity to produce a good or service at a lower opportunity cost compared to others.