Comparative Advantage Is the Ability, Compared with Another Producer

question 228

Multiple Choice

Comparative advantage is the ability, compared with another producer

• A) to produce more of a product with the same resources.
• B) to use fewer inputs to produce the same amount of a product.
• C) to produce a higher-quality product with fewer resources.
• D) to produce an additional unit of a product at lower opportunity cost.

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Definitions:

Need-Satisfaction

A sales approach that focuses on identifying and meeting the needs or problems of the customer as a key to closing the sale.

Problem-Solution

A method or structure that identifies a problem and then proposes one or more solutions to address it.

Straight Rebuy

A routine purchase of the same goods or services without seeking new suppliers or altering specifications.