The difference between absolute and comparative advantage is that:
a. absolute advantage refers to input cost, while comparative advantage refers to opportunity cost.
b. absolute advantage refers to opportunity cost, while comparative advantage refers to input cost.
c. absolute advantage refers to individuals, and comparative advantage refers to countries.
d. absolute advantage refers to countries, and comparative advantage refers to individuals.
e. absolute advantage is applicable to intranational trade, while comparative advantage applies to international trade.
a
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Which of the following is NOT a condition for price discrimination to exist?
A) downward sloping demand curve faced by the firm B) identification of buyers with differing elasticities C) unpatented product or the service D) ability to prevent the resale of the product or service
In a perfectly competitive market, when the price is greater than the minimum average total cost for most firms, some will:
A. exit until the price drops to equal minimum ATC. B. enter until the price drops to equal minimum ATC. C. exit until the price increases to equal minimum ATC. D. enter until the price increases to equal minimum ATC.
Which of the following is false?
a. People looking for full-time work who grudgingly settle for a part-time job are counted as employed, even though they are only "partly" employed. b. Some people working in the underground economy could be counted in labor statistics as unemployed, while others may be counted as not in the labor force. c. Unemployment rates can be quite different across different segments of the population, as well as varying substantially over time. d. None of the above are false; all are true.
Under which of the following market structures would consumers likely receive the most product variety?
a. perfect competition b. monopolistic competition c. oligopoly d. monopoly