comparative and absolute advantage example #56810

This table shows the number of cookies several bakeries sell each day. All else being equal, which bakery has the absolute advantage? Mrs. Track's Chips The Bakeshop Uncle John's

Which scenario is the best example of an opportunity cost? A computer company issues a recall on its tablets. A computer company produces fewer laptops to meet tablet demand. A computer company reduces the price on last year's models. A computer company stops making computers with CD/DVD drives.

This table shows the production possibility schedule for several toothpaste companies. Use the numbers to place the companies in order of greatest comparative advantage to least comparative advantage in producing small tubes of toothpaste. 2, 1, 3, 4 1, 2, 3, 4 4, 3, 1, 2 2, 1, 4, 3

The term _________ often used in conjunction with absolute advantage, is defined as making the best use of resources. efficiency opportunity production cost

This table shows the production possibility schedule for several toothpaste companies. Which company has the comparative advantage in producing small tubes of toothpaste? Sparkling Fresh! Bright White Mmmint

Which of these best describes an opportunity cost? a win-win a loss a chance a trade-off

Which best describes how producers benefit from specialization? Producers can increase their profits. Producers can expand their market. Producers can offer a wider range of goods. Producers can increase sales.

Which describes a way in which consumers most likely benefit from producers' absolute advantage? Consumers' opportunity costs decrease. Prices decrease as a result of increased production efficiencies. Producers always use savings to improve products. Consumers can find a given product in more places.

_____________ is the act of limiting the types of goods and services produced. Production possibility Absolute Advantage Competition Specialization

Which most likely results from producers engaging in specialization? Producers reduce their costs. Producers increase their market share. Producers decrease the materials needed for production. Producers always offer more competitive pricing.

This table shows the cost of producing ice cream for several manufacturers. Which manufacturer has the absolute advantage? The Dairy Ice Cream, Inc. Frozen Treats Bob & Gary's

Which calculation helps determine which producer has the absolute advantage? Resources used multiplied by amount produced Amount produced divided by resources used Amount produced minus resources used Resources used divided by amount produced

A producer with a comparative advantage has the ability to produce a good or service at a lower opportunity cost than any competitor can. a faster rate than any competitor can. a greater volume than any competitor can. a lower cost than any competitor can.

When discussing comparative and absolute advantage, which best describes specialization? developing expertise in certain types of production limiting the types of goods and services produced targeting specific consumers and retailers producing certain items for specific market segments

Which best describes how consumers may benefit from specialization? Consumers can only purchase high-quality goods. Consumers have more price options. Consumers receive more sale offers. Consumers find products at lower prices.

What can a producer gain by specializing? sales new customers absolute advantage opportunity costs