When a Producer Has the Ability to Produce a Good

question 136

Multiple Choice

When a producer has the ability to produce a good or service at a lower opportunity cost than others, economists say the producer:

• A) has an absolute advantage at producing that good.
• B) has a comparative advantage at producing that good.
• C) has no reason to trade with others.
• D) is efficient in production.

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Definitions:

Bill of Rights

The first ten amendments to the United States Constitution, guaranteeing fundamental civil rights and liberties such as freedom of speech, assembly, and worship.

Free Exercise Clause

A provision in the First Amendment to the U.S. Constitution that prohibits the government from interfering with an individual's right to practice their religion.

Establishment Clause

A section of the First Amendment to the U.S. Constitution prohibiting the government from establishing an official religion.

Gay and Lesbian Rights

The movement and efforts aimed at securing equal rights, protections, and societal acceptance for individuals identifying as gay or lesbian.