Which company has the comparative advantage in producing large tubes of toothpaste?
  • Mmmint
  • efficiency
  • to gain a comparative advantageto increase efficiency
  • Amount produced divided by resources used
Which best explains why producers choose to specialize? Check all that apply.
  • Prices decrease as a result of increased production efficiencies.
  • Producers reduce their costs.
  • to gain a comparative advantageto increase efficiency
  • Amount produced divided by resources used
is the act of limiting the types of goods and services produced.
  • Producers reduce their costs.
  • Uncle John's
  • specialization
  • efficiency
A producer with a comparative advantage has the ability to produce a good or service at
  • Amount produced divided by resources used
  • a lower opportunity cost than any competitor can
  • Prices decrease as a result of increased production efficiencies.
  • to gain a comparative advantageto increase efficiency
Which describes a way in which consumers most likely benefit from producers' absolute advantage?
  • Amount produced divided by resources used
  • Producers reduce their costs.
  • to gain a comparative advantageto increase efficiency
  • Prices decrease as a result of increased production efficiencies.
Which most likely results from producers engaging in specialization?
  • Producers reduce their costs.
  • Amount produced divided by resources used
  • Prices decrease as a result of increased production efficiencies.
  • to gain a comparative advantageto increase efficiency
The term , often used in conjunction with absolute advantage, is defined as making the best use of resources.
  • efficiency
  • Mmmint
  • Uncle John's
  • 2, 1, 3, 4
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.
  • efficiency
  • Mmmint
  • 2, 1, 3, 4
  • Uncle John's
Which calculation helps determine which producer has the absolute advantage?
  • Amount produced divided by resources used
  • Producers can increase their profits.
  • Consumers find products at lower prices
  • Producers reduce their costs.
What can a producer gain by specializing?
  • Producers can increase their profits.
  • Amount produced divided by resources used
  • absolute advantage
  • Producers reduce their costs.
This table shows the number of cookies several bakeries sell each day.All else being equal, which bakery has the absolute advantage?
  • Fresh!
  • Producers can increase their profits.
  • Producers reduce their costs.
  • NOT Mrs. Track'sNOT The Bakeshop
This table shows the production possibility schedule for several toothpaste companies.Which company has the comparative advantage in producing small tubes of toothpaste?
  • Producers reduce their costs.
  • absolute advantage
  • Fresh!
  • NOT Mrs. Track'sNOT The Bakeshop
Which best describes specialization?
  • developing expertise in certain types of production
  • Consumers have more price options.
  • -to increase sales-to maintain market share-to increase efficiency
  • Producers can increase their profits.
Which scenario is the best example of an opportunity cost?
  • -to increase sales-to maintain market share-to increase efficiency
  • Prices decrease as a result of increased production efficiencies.
  • A computer company produces fewer laptops to meet tablet demand.
  • Producers can increase their profits.
All else being equal, which bakery has the absolute advantage?
  • Sparkling
  • absolute advantage
  • Producers can increase their profits.
  • Mrs. Track's??
The term __________, often used in conjunction with absolute advantage, is defined as making the best use of resources.
  • 1,2,3,4??
  • Mmmint
  • Sparkling
  • efficiency
Which best describes how producers benefit from specialization?
  • Producers can increase their profits.
  • Consumers have more price options.
  • -to increase sales-to maintain market share-to increase efficiency
  • developing expertise in certain types of production
efficient
  • completed in the fastest amount of time using the fewest number of resources
  • A computer company produces fewer laptops to meet tablet demand.
  • the ability of one party to produce a good or service at a lower cost than any competitor
  • a favorable occasion to complete or participate in something
Which best explains why producers choose to specialize?
  • developing expertise in certain types of production
  • Producers can increase their profits.
  • -to increase sales-to maintain market share-to increase efficiency
  • Prices decrease as a result of increased production efficiencies.
absolute advantage
  • the ability of one party to produce a good or service at a lower cost than any competitor
  • completed in the fastest amount of time using the fewest number of resources
  • a favorable occasion to complete or participate in something
  • the ability of one party to produce a good or service at a lower opportunity cost than any competitor
Which best describes how consumers may benefit from specialization?
  • Consumers have more price options.
  • Amount produced minus resources used.
  • Producers can increase their profits.
  • developing expertise in certain types of production
comparative advantage
  • a favorable occasion to complete or participate in something
  • the ability of one party to produce a good or service at a lower opportunity cost than any competitor
  • the ability of one party to produce a good or service at a lower cost than any competitor
  • completed in the fastest amount of time using the fewest number of resources
Which company has the comparative advantage in producing small tubes of toothpaste?
  • Sparkling
  • Amount produced minus resources used.
  • The Dairy
  • Mmmint
Which manufacturer has the absolute advantage?
  • Sparkling
  • The Dairy
  • Mmmint
  • absolute advantage
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