The idea of comparative advantage is related to
A) the idea of opportunity cost.
B) the idea of absolute advantage.
C) using the worker with the most diverse sets of skills.
D) engineering efficiency.
Answer: A
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Answer the following statements true (T) or false (F)
1) When each firm uses the strategy that maximizes its profit, it is possible for the equilibrium result to yield the worst possible joint equilibrium for all firms. 2) If Best Lights and Bright Lights are competing in a duopoly, Best Lights' profit depends solely on the decisions of its managers. 3) Every dominant strategy equilibrium is a Nash equilibrium, but not every Nash equilibrium is a dominant strategy equilibrium. 4) Cheap talk helps firms cooperate and earn higher profit. 5) If two players are in a finitely repeated game and both players know the final period, cooperation is not possible due to the end-period problem.
Refer to the above table. Given the demand and cost? schedules, what is the profitminusmaximizing price for this? monopolist?
A. $11 B. $10 C. $12 D. $9
Rent seeking refers to ______.
a. politicians trading votes b. exempting homeowners from certain taxes c. using resources to gain political favor d. choosing not to vote unless it counts
A person who prefers a certain payoff over an uncertain one with the same expected value is risk-averse.
Answer the following statement true (T) or false (F)