Comparative Advantage Means the Ability to Produce a Good or Service

question 103

Multiple Choice

Comparative advantage means the ability to produce a good or service

• A)at a lower selling price than any other producer.
• B)at a lower opportunity cost than any other producer.
• C)of a higher quality than any other producer.
• D)at a higher profit level than any other producer.

---

Definitions:

Total Benefit

The overall advantages or gains received from a good or service, including both tangible and intangible elements.

Football Games

Organized sporting events involving two teams playing football (soccer in some countries) under a set of rules to score goals against each other.

Total Benefit

The complete gain or satisfaction a person receives from consuming a good or service.

Economic Assumption

A foundational concept in economics that simplifies analysis by presuming conditions like rational behavior, market equilibrium, and fixed resources.