Question

Specialization implies that an individual should produce the good for which he/she has the _____________ opportunity cost. g

Answer 1

According to the economic principle of specialization or comparative advantage, as first posited by Ricardo, a producer should produce that good for which they have the lowest marginal opportunity cost. If all producers act in this manner, then collective economic benefit will be maximized. This is summed up in the classic economic discussion of "guns or butter".

Answer 2

Answer:

The correct answer is:  lowest.

Explanation:

Opportunity cost is what a person sacrifices when they choose one option over another. It is obtained subtracting the return of the choice taken with the return of the choice dismissed. Specialization implies identifying among the options available what would be the lowest opportunity cost of choosing one option over another to reduce the amount of money that could have been the income.