Division of labor is breaking down the production of good

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1. A dentist might charge his patient a cancelation fee if the patient didn't give the debris 24 hours notice they were going to cancel. the justification to this fee is: a) limited cost b) opportunity cost c) scarcity d) comparative advantage

2. T/F Trade-offs can lead to economies of scale, division of labor, and specialization of Labor.

3. an economy has a comparative advantage in producing a good if it can produce that good at a ________ opportunity cost than could other economies. a) higher b) lower c) the same d) consistent

4. T/F Division of labor is breaking down the production of a good into separate tasks.

5. T/F One scenario that can be applied to opportunity cost is the guns vs butter debate.

Reference no: EM131165465

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