If Pat can produce a good or service at a lower opportunity cost than Chris can, then

a. Pat has a comparative advantage in producing the good or service
b. no gains are possible through specialization
c. Pat must have an absolute advantage in producing the good or service
d. Pat must be more talented than Chris
e. society is at a point along its production possibilities frontier


A

Economics

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If an individual buys only two goods and these must be used in a fixed relationship with one another (e.g., coffee and cream for a coffee drinker who never varies the amount of cream used in each cup), then

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Answer the following statement true (T) or false (F)

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One characteristic of a Giffen good is that it

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Economics