To Say That an Individual Possesses an Absolute Advantage in the Production

question 36

Multiple Choice

To say that an individual possesses an absolute advantage in the production of software means that individual:

• A) has a lower opportunity cost of producing software.
• B) can produce more and/or higher quality software in a given amount of time.
• C) was the first to create the software.
• D) charges the lowest price for software.

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Definitions:

Trade

The act of buying, selling, or exchanging goods and services between people, businesses, or countries.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive.

Trade

The exchange of goods, services, or both between parties in different countries or within the same country, enhancing economic efficiency and access to resources.

Skateboards

A skateboard is a small piece of wood in the shape of a surfboard with four wheels attached. It is used for the sport of skateboarding.