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ECN 211 final asu Exam 2025 Questions and Answers The opportunity cost of an item is.... - ....ANSWER ...-what you give up to get that item Total output in an economy increases when each person specializes because ....ANSWER ...-each person spends more time producing that product in which they have a comparative advantage in. The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good, - ....ANSWER ...-has the absolute advantage in producing that good The quantity demanded of a good is the amount that buyers are - ....ANSWER ...- willing and able to purchase the market demand curve - ....ANSWER ...-represents the sum of the quantities demanded by all the buyers are willing to pay for the quantity of that good The quantity supplied of a good is - ....ANSWER ...-the amount of a good that sellers are willing and able to sell which of the following events must cause equilibrium price to fall ....ANSWER ...-demand increases supply increases …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1