Title: comparative and absolute advantage Flashcards | Quizlet
Headings: comparative and absolute advantage
comparative and absolute advantage
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Terms in this set (16)
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Content: Producers can increase sales. Producers can increase their profits. 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. Prices decrease as a result of increased production efficiencies. _____________ is the act of limiting the types of goods and services produced. Production possibility
Absolute Advantage
Competition
Specialization
Specialization
Which most likely results from producers engaging in specialization?