An Economy That Has the Lowest Cost for Producing a Particular

question 132

Multiple Choice

An economy that has the lowest cost for producing a particular good is said to have a(n) :

• A) technological advantage.
• B) comparative advantage.
• C) convex news production possibilities curve.
• D) all of the above are correct and

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Definitions:

Imitate

The action of copying or replicating someone’s gestures, speech, or behaviors.

Social Learning

The theory that people can learn new behaviors by observing and imitating others, as well as by receiving rewards and punishments.

Operant Conditioning

A learning process through which the strength of a behavior is modified by reinforcement or punishment.

Latent Learning

Pertains to knowledge acquired without any immediate or visible reinforcement or outcome, becoming apparent only when needed.