Only a Firm with ______________ Will Be Able to Make

question 114

Multiple Choice

Only a firm with ______________ will be able to make their output profitably.

• A) the highest opportunity cost of production
• B) a comparative advantage at producing their output
• C) an absolute advantage at producing their output
• D) low variable costs

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Definitions:

Primary Products

Basic commodities that are used as inputs by other industries for production processes, including agricultural products, minerals, and raw materials.

Developing Countries

Nations with a lower living standard, underdeveloped industrial base, and low Human Development Index (HDI) relative to other countries.

Manufactured Goods

Products that have been processed or transformed from raw materials into finished goods ready for sale.

Services

Intangible products such as healthcare, education, and entertainment that are provided to consumers.