Comparative Advantage Refers To

question 77

Multiple Choice

Comparative advantage refers to:

• A)the ability of an individual to specialize and produce a greater amount of some good than another individual.
• B)the number of units of a good given up in order to acquire something.
• C)the ability of an individual to produce a good at a lower opportunity cost than some other individual can.
• D)the amount of labor a particular individual needs to produce a fixed amount of capital goods.
• E)the ability of an individual to produce a good using fewer labor hours than other individuals.

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Definitions:

Scatterplot

A graphical representation using dots to show the relationship between two quantitative variables.

Scatterplot

A graphical representation of data points where each value in the dataset is represented by a dot, showing the relationship between two quantitative variables.

Y-Intercept

The point where a line or curve intersects the y-axis on a graph.

Regression Line

A straight line that best represents the relationship between an independent variable and a dependent variable in linear regression analysis.