ECON 211

The Opportunity Cost of an item is -Correct Answer What you give up to get that item Total Output in an economy increases when each person specializes because -Correct Answer Each person spends more time producing that product in which he or she has a comparative advantage The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good -Correct Answer Has ...