The Ability of One Producer to Produce One Good or Service

question 102

Multiple Choice

The ability of one producer to produce one good or service using fewer inputs than another producer is:

• A) comparative advantage.
• B) absolute advantage.
• C) opportunity cost.
• D) competition.

---

Definitions:

Universal Records

A global music corporation that manages recordings and copyrights of artists.

Leisure

Free time not taken up by work, duties, or responsibilities, which can be used for relaxation, hobbies, or personal enjoyment.

Sociology

The study of social behavior, society, patterns of social relationships, social interaction, and culture that surrounds everyday life.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the creation of electronic devices.