The Law of Comparative Advantage States Which Person Should Produce

question 127

Multiple Choice

The law of comparative advantage states which person should produce a good.Who is that person?  

• A) the person who has the lowest opportunity cost of producing that good 
• B) the person who can produce that good using the fewest resources 
• C) the person who will produce that good using the most expensive resources 
• D) the person who has the most desire for that good

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Definitions:

Life Cycle

The series of changes in the life of an organism or product, including its inception, growth, and eventual decline or discontinuation.

Entrepreneurial Organisations

Entrepreneurial organizations emphasize innovation, risk-taking, and proactiveness, often operating in a dynamic and competitive environment to achieve growth.

Managerial Succession

The process of identifying and preparing future leaders to replace current managers as they leave, retire, or move within the organization.

Customer-focused

A business orientation that prioritizes the needs and preferences of customers in product and service design, and company policies.