Comparative Advantage Means

question 78

Multiple Choice

Comparative advantage means

• A)the ability to produce more of a product with the same amount of resources than any other producer.
• B)the ability to produce a good or service at a lower opportunity cost than any other producer.
• C)the ability to produce a good or service at a higher opportunity cost than any other producer.
• D)compared to others you are better at producing a product.

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Definitions:

Franc

A currency that was historically used in several countries, including France and Switzerland, some of which still maintain the franc in various forms.

Define

To specify or clarify the meaning of a word, phrase, or concept.

Redeem Dollars

The act of exchanging dollars for their equivalent value in goods, services, or other currencies, particularly in the context of international trade or finance.

Gold

A precious yellow metallic element, highly valued for use in jewelry, investment, and industrial applications.