Which of the Following Activities Is Most Likely to Be

question 17

Multiple Choice

Which of the following activities is most likely to be an example of routine response behaviour?

• A)the purchase of a three-week vacation cruise
• B)the purchase of a Gibson Guitar for $6,000
• C)the first-time purchase of a copy machine for a home office
• D)the purchase of toilet paper

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Definitions:

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than competitors, leading to more efficient trade patterns.

Manufactures Textiles

The process of creating fabrics or cloth from various types of fibers and raw materials.

Absolute Advantage

A condition in which a country, individual, or company can produce a specific good at a lower cost in terms of labor and resources than competitors.

Lowest-Cost Producer

A company that has a competitive advantage by producing goods or services at the lowest possible cost compared to competitors.