________ Is the Ability of an Individual, a Firm, or a Country

question 91

Multiple Choice

________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

• A)Absolute advantage
• B)Specialisation
• C)Autarky
• D)Comparative advantage

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Definitions:

Strict Liability

A legal principle that holds a party responsible for their actions or products without the need to prove negligence or fault.

Common Law

A body of legal precedents derived from judicial decisions, rather than from statutes or constitutions.

Environmental Damage

Harm caused to natural environments due to human activities or natural disasters, impacting ecosystems, biodiversity, and human health.

Court-ordered Injunction

A legal order issued by a court that requires a party to do or to refrain from doing specific acts.