Which of the Following Refers to the Concept of Specialization

question 94

Multiple Choice

Which of the following refers to the concept of specialization?

• A)Different individuals value goods differently.
• B)Some individuals are richer than others.
• C)Different nations have different opportunity costs of producing goods.
• D)Some nations are richer than others.

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Definitions:

Supply

The total amount of a product or service that is available to consumers at a given price over a specific period.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.

Industry Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of the industry at various prices.

Input Price

The cost associated with procuring the resources needed for production, such as raw materials, labor, and machinery.