Refer to Table 9-2. Select the statement that accurately interprets the data in the table
A) Gabriel has a comparative advantage in baking pies and baking cakes.
B) Gabriel has an absolute advantage in baking cakes.
C) Gabriel has a comparative advantage in baking pies.
D) Sarita has a comparative advantage in baking pies.
C
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When every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it, ________ occurs
A) allocative efficiency B) productive efficiency C) equity D) efficient central planning
The key characteristics of a monopolistically competitive market structure include
A) many small (relative to the total market) sellers acting independently.
B) barriers to entry are strong.
C) all sellers sell a homogeneous product.
D) sellers have no incentive to advertise their products.