Which of the Following Is Least Likely to Be Considered

question 18

Multiple Choice

Which of the following is least likely to be considered a finite customer population?

• A) subassemblies in a just-in-time manufacturing environment
• B) customers in an amusement park
• C) fast food restaurant employees waiting to use the restroom
• D) planes waiting to take off at an airport
• E) a class of 10 students who might visit their professor during office hours

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Definitions:

Absolute Advantage

The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than any competitor.

Comparative Advantage

A principle that states a country or individual can produce a particular good or service at a lower opportunity cost than others.

Trade Patterns

The trends and tendencies in international trade, including what goods and services are traded, with whom, and in what direction.

Gain From Trade

The gain from trade refers to the increase in consumer and producer surplus that results from an open market, allowing countries or individuals to specialize in production and exchange.