In which of the following time periods can sellers NOT respond to changes in price by increasing quantity supplied?
A. The long run
B. The short run
C. The market period
C. The market period
Economics
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In leading the opposition to the adoption of NAFTA, H. Ross Perot argued that NAFTA would lead to
A) a loss of U.S. competitiveness with Canada. B) a loss of U.S. manufacturing jobs to Mexico. C) a loss of U.S. willingness to negotiate the Uruguay Round. D) All of the above.
Economics
Refer to above figure. Now, suppose that the relative price of A is actually not higher than Albania's autarkic level of 1, but quite the opposite (e.g., PA/PB = 0.5)
Would Albania still be able to gain from trade? If so, where would be its production point? Given the information in this question, where is Albania's comparative advantage?
Economics