_____ States That the Person with the Lowest Opportunity Cost

question 45

Multiple Choice

_____ states that the person with the lowest opportunity cost should produce the good.

• A) Specialization
• B) Exchange
• C) Arbitrage
• D) Absolute advantage
• E) Comparative advantage

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Definitions:

Public Official

An individual holding a position of authority in government, responsible for making or enforcing laws and public policies.

Criminal Statute

A criminal statute is a law passed by a legislative body that defines criminal offenses and prescribes the penalties for such offenses.

Prohibits

To formally forbid something by law, rule, or other authority.

Behavior

The actions or reactions of an entity (often a person or group) in response to external or internal stimuli.