The Ability to Produce the Same Quantity of a Good

question 11

Multiple Choice

The ability to produce the same quantity of a good or service using fewer units of labor is known as

• A) competitive dominance.
• B) productive dominance.
• C) comparative advantage.
• D) absolute advantage.

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Definitions:

Funding

The act of providing financial resources, typically in the form of money, or other values such as effort or time, to support a program, project, business, or individual.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, which leads to the necessity of making choices on how to allocate resources.

Resources

Assets or inputs used in the production of goods and services, such as time, labor, and capital.

Economy

An extensive network of activities related to producing, consuming, and exchanging that assists in allocating limited resources.