The theory of comparative advantage suggests that nations should produce a good if they
a. have the lowest opportunity cost.
b. have the lowest wages.
c. have the most resources.
d. can produce more of the good than any other nation.
A
You might also like to view...
In monopolistic competition in the long run, firms
A) make zero economic profit and require more capacity. B) incur an economic loss and require more capacity. C) make an economic profit and have excess capacity. D) make zero economic profit and have excess capacity. E) make an economic profit and require more capacity.
Eminent domain is used by
A) the federal government. B) state governments. C) local governments. D) All of the above are correct.
In the above figure, the line represented by the "2" is the
A) average fixed cost. B) average variable cost. C) total cost. D) average total cost.
Value pricing reflects
A) product differentiation. B) competitive pricing strategies. C) marginal cost pricing. D) add-on price strategies.