George and Michael Can Gain from Exchange

question 226

Multiple Choice

George and Michael can gain from exchange

• A) unless one has an absolute advantage in all goods.
• B) if each specializes in the production of the good for which he has the higher opportunity cost.
• C) if each specializes in the production of the good for which he has the lower opportunity cost.
• D) unless they have different opportunity costs.

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Definitions:

Written Communication

Information or messages exchanged between individuals or groups through written forms such as letters, emails, or reports.

Active Listening

The process of fully concentrating, understanding, responding, and remembering what is being said during communication.

Verbal Communication

The use of spoken words to convey a message or information.

Constant Learning

The ongoing process of acquiring new knowledge or skills through study, experience, or teaching, essential for personal and professional development.