21. A producer can produce a good at lower unit cost than any other producer. For that good, the producer must have

a.a comparative advantage

b.diminishing marginal utility

c.beneficial terms of trade to offer

d.an absolute advantage

e. more factors of production

22. Which of the following considers both explicit and implicit costs?

a.Accounting profit

b. Economic cost

c.Accounting cost

d.Total revenue

e.Consumer spending

23. Production at a level that is not maximizing available inputs can be illustrated through a

a.circular flow diagram

b.supply curve

c.demand curve

d.marginal cost curve

e.production possibility curve

C Product I OE D Product 2 The market above could consume at point B with but would need in order to produce there. trade; economic growth more supply; more demand government intervention; alternative inputs O inputs; outputs economic growth; trade