Absolute Advantage
What will be an ideal response?
Whoever can produce the most of an item has the absolute advantage
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Suppose X - M = net exports; T - G = government sector balance; and S - I = private sector balance. What relationship exists among these variables?
A) (X - M ) + (T - G ) + (S - I ) = 0 B) (X - M ) = (T - G ) + (S - I ) C) (T - G ) + (X - M ) = (S - I ) D) (T - G ) = (X - M ) + (S - I )
State and explain the No Marginal Improvement Principle (for finely divisible actions).
What will be an ideal response?
The marginal product is the slope of the:
a. marginal cost curve. b. total cost curve. c. total product curve. d. long-run average total cost curve
A firm in a perfectly competitive industry is a
A) price taker. B) quantity taker. C) profit maker. D) price maker.