Resources Are Used More Efficiently If People, Regions, and Countries

question 64

Multiple Choice

Resources are used more efficiently if people, regions, and countries specialize in goods for which they have a(n) :

• A)disincentive to trade with others.
• B)higher opportunity cost.
• C)absolute advantage in production.
• D)comparative advantage in production.
• E)comparative disadvantage in production.

Comprehend the dominant firm model and the behavior of fringe firms in such markets.

Recognize the application of the Prisoners' Dilemma in describing oligopolistic market outcomes.

Identify different market structures, including the dominant firm model and the kinked demand curve model.

Calculate profit maximizing price and output levels under various cost and demand scenarios.

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Definitions:

Direct Materials

Raw materials that are directly traceable to the production of specific goods.

Manufacturing Overhead

All manufacturing costs except direct materials and direct labor, including expenses such as rent, utilities, and depreciation on manufacturing facilities.

Balanced Scorecard

A strategic planning and management system used to align business activities to the vision and strategy of the organization, focusing on financial and non-financial measures.

Financial And Non-Financial

Terms that distinguish between monetary-related aspects (financial) and other forms of value or performance (non-financial).