From these figures we can conclude that
A. China has a comparative advantage in rice.
B. China has a comparative advantage in radios.
C. the United States has a comparative advantage in radios.
D. neither has a comparative advantage in these two goods.
B. China has a comparative advantage in radios.
Economics
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In the short run, a monopoly should shut down whenever
a. marginal revenue exceeds marginal cost b. price is less than average total cost c. total revenue is less than total cost d. price exceeds the ratio of marginal cost to average cost at the optimal output e. price is less than average variable cost everywhere
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Individuals face scarcity; whole societies do not
a. True b. False Indicate whether the statement is true or false
Economics