If a nation specializes in activities in which opportunity costs are the lowest and then trades with other nations, it is most likely to:
a. have a higher standard of living for its citizens than it would if it did not specialize and then trade.
b. have a lower standard of living for its citizens than it would if it did not specialize and then trade.
c. create as much wealth for its citizens as it could if it did not specialize and then trade.
d. benefit in the short run but incur heavy loss in the long run.
e. incur heavy loss in the short run and eventually cease production in the long run.
a
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A) principle of diminishing total utility. B) principle of diminishing marginal utility. C) principle of increasing marginal utility. D) law of supply.
According to the table shown, what is the firm's total revenue when 4 units are produced?
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. $160
B. $50
C. $200
D. $40
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a. True b. False Indicate whether the statement is true or false
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Please provide the best answer for the statement.