Comparative Advantage Is

question 186

Multiple Choice

Comparative advantage is

• A) the ability to produce more output from given inputs than another producer can.
• B) the ability to produce a good at a lower opportunity cost than other producers.
• C) the ability to produce more output of all goods than anyone else can.
• D) the ability to produce all goods at lower costs than anyone else can.

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Definitions:

Resistance Point

In negotiations, the resistance point is the worst outcome that a party is willing to accept before walking away from the negotiation table.

Target Point

A pre-determined objective or value that serves as a reference for performance or negotiation.

Impasse

A situation in negotiation where no progress can be made or no advancement is possible.

American Federation of Labor

A historic national federation of labor unions in the United States, founded in 1886 to advance the interests of skilled workers.