Which of the Following Is True

question 12

Multiple Choice

Which of the following is true?

• A)​People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result.
• B)​One advantage of specialization is that workers acquire greater skill from repetition.
• C)​If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service.
• D)​All of the above are true.

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Definitions:

Not Satisfied

A term indicating that expectations, requirements, or conditions have not been met to an adequate degree.

Selling Price

The price at which a product or service is offered for sale to consumers.

Defective Merchandise

Goods that are flawed or fail to meet quality standards or specifications, often leading to returns or exchanges.

Single-Step Income Statement

An income statement format that totals revenues, subtracts expenses to find the bottom line, simplifying the presentation of net income.