Which of the following best represents the concept of comparative advantage?
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Question 2 of 6
2. Question
Which of the following scenarios best illustrates the principle of opportunity cost?
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Question 3 of 6
3. Question
Which of the following scenarios best exemplifies the principle of trade-offs?
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Question 4 of 6
4. Question
Which principle best explains the behavior of consumers buying more of a product when its price decreases?
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Question 5 of 6
5. Question
Which principle highlights that individuals or countries must consider the opportunity cost of not producing other goods or services when specializing in certain areas?
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Question 6 of 6
6. Question
Which principle suggests that incentives can influence the comparative advantage and trade patterns of individuals and countries?