Which company has the comparative advantage in producing small tubes of toothpaste quizlet?
Which company has the comparative advantage in producing small tubes of toothpaste? Bright White- because it has the bigger difference than Fresh! This table shows the production possibility schedule for several toothpaste companies.
Who has comparative advantage?
A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. Having a comparative advantage is not the same as being the best at something. In fact, someone can be completely unskilled at doing something, yet still have a comparative advantage at doing it!
Which most likely results from producers engaging in specialization producers reduce their costs?
Specialization is where an individual, firm or country is skilled at producing a product. Producers engaging in specialization would reduce their costs as they would find an easier, quicker and more efficient way to complete the production of the good in less time.
What calculation helps determine which producer?
Amount produced divided by the resources used, is the calculation that helps to determine which producer has the absolute advantage.
What is an opportunity cost Edmentum?
Opportunity cost is the value of the second-best alternative that a person gives up when making a choice.
What represents the value of the second-best alternative that a person gives up when making a choice?
The value of the second-best alternative that a person gives up when making a choice represents the opportunity cost. The answer to your question is C. I hope that this is the answer that you were looking for and it has helped you.
What a person gives up when making a choice?
Opportunity cost is what you give up (the benefits of the next best alternative) when you make a choice.
What represents the value of the second best?
Answer Expert Verified. Opportunity cost is the value of something that is given up to get something else that is wanted and is expressed as the value of the next best alternative to the choice made.
Are inexhaustible resources limited?
Inexhaustible resources are limited. Only tangible goods are scarce. Exhaustible resources are abundantly available.
Which statement is true in economics?
Answer Expert Verified Of the four statements, only C is true. In economics, land refers to all the natural resources found not on land alone. In economics, capital includes not only tangible objects used for production but also intangible.
Are exhaustible resources scarce?
Not only are all resources finite, many resources are also exhaustible. This implies that their existence is limited. Even though Solow demonstrated that an economy can be sustained indefinitely in a world of exhaustible resources, a major concern is if economic progress can still be made in such a world.
What are the advantages a market economy offers producers?
Answer Expert Verified In market economy, the government could not decide the type of jobs that the citizens should have and they are free to do whatever they want as their main source of income. It also give companies the freedom to produce the goods that they have a competitive advantage of.
Why is the market economy bad?
While a market economy has many advantages, such as fostering innovation, variety, and individual choice, it also has disadvantages, such as a tendency for an inequitable distribution of wealth, poorer work conditions, and environmental degradation.