Centrally planned economies tend to grow more quickly than market economies
Indicate whether the statement is true or false
FALSE
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If you have a comparative advantage in producing a good, it implies:
a. you have a lower marginal cost of producing that good. b. you have a higher marginal cost of producing that good. c. you have a lower total cost of producing that good. d. you have a higher total cost of producing that good.
Opportunity cost is:
A) zero for the use of a free combo meal offer. B) the dollar payment for a product. C) the benefit derived from a product. D) the value of the best alternative forgone in making any choice.
When a firm sets its price on the basis of the price being charged by other firms in the market, there is evidence that the firm has market power.
Answer the following statement true (T) or false (F)
Country A produces shoes at a lower cost than Country B. As a result, most of the shoes purchased in Country B are made in Country A. Explain how trading with Country A results in a net gain for Country B.
What will be an ideal response?