The Ability to Produce a Good at Lower Opportunity Costs

question 101

Multiple Choice

The ability to produce a good at lower opportunity costs than another producer is known as

• A) comparative advantage.
• B) marginal cost production.
• C) economies of scale.
• D) absolute advantage.

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Definitions:

Pupil

The pupil is the black circular opening in the center of the iris of the eye, which regulates the amount of light that enters the eye.

Iris

The colored part of the eye surrounding the pupil, responsible for controlling the diameter and size of the pupil and thus the amount of light reaching the retina.

White

A color perceived when light contains all the wavelengths of the visible spectrum at equal intensity.

Colored Part

Referring to the iris, the colored portion of the eye surrounding the pupil that controls the amount of light entering the eye.