A country is said to have a comparative advantage in a good over another country if that first country:
A. Can produce more units of the good
B. Is a more efficient producer of the good
C. Is a major consumer of the good
D. Has a lower opportunity cost of producing the good
D. Has a lower opportunity cost of producing the good
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What is true along the demand curve for a resource?
a. Prices of other resources are assumed constant. b. The marginal product of that resource remains constant. c. Total cost of production is assumed constant. d. The price of that particular resource is assumed constant. e. The quantity of that particular resource is assumed constant.
In the short run, a firm’s economic loss or profit is found by comparing what?
a. Price to marginal cost b. Price to marginal revenue c. Price to average total cost d. Price to quantity demanded
In order to make an optimal choice we must use
a. percentage analysis. b. total analysis. c. average analysis. d. marginal analysis.
Susan says, "If the price of wool coats goes up, suppliers will offer more of the coats for sale." Brad replies, "It takes three months to harvest wool and employ all the steps necessary to produce a wool coat. Quantity supplied cannot possibly increase for three months." Is Brad correct? Why or why not?