A Person Has an Absolute Advantage in Producing a Good

question 89

Multiple Choice

A person has an absolute advantage in producing a good if he can

• A) produce it using fewer resources than another person
• B) produce it while sacrificing less than another person in terms of foregone output
• C) corner the market
• D) use other peoples' money to produce it
• E) work out some long term payment plan for financing the good

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Definitions:

Professional Status

The standing, respect, or prestige a person holds in a professional context, often based on career achievement and recognition.

Dispositional Attributions

The tendency to attribute someone's behavior to their personality or character traits rather than to situational factors.

Independent

The state of being free from outside control or influence, capable of thinking or acting for oneself in a self-reliant manner.

Persuasion

The process of changing someone's beliefs, attitudes, or behaviors through argument, entreaty, or explanation.