Ivy software mba prep works fundamentals of economics practice exam newest actual exam complete 350 questions and correct detailed answers (verified answers)| already graded a+|| brand new!!!

Ivy software mba prep works fundamentals of economics practice exam newest actual exam complete 350 questions and correct detailed answers (verified answers)| already graded a+|| brand new!!! Unit price one pays for the services of labor a. rent b. wage c. profit d. interestANSWERb. wage The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group; one has the lowest absolute production cost relative to those with whom they are compared. a. increasing opportunity cost b. comparative advantage c. constant opportunity cost d. absolute advantage ANSWERd. absolute advantage When the opportunity cost of a good remains constant as output of the good increases. a. constant opportunity cost b. increasing opportunity cost c. comparative advantage d. decreasing opportunity costANSWERa. constant opportunity cost The concept of ______________ states that when comparing producers, the one with the lowest opportunity cost in the production of some good or service has a _____________ in that good or service. a. entrepreneurial ability b. comparative advantage c. opportunity cost d. absolute advantageANSWERb. comparative advantage