A country has a comparative advantage when the opportunity cost of producing a good in terms of:
a. the monetary value of other forgone goods is lower than that of other nations.
b. the monetary value of other forgone goods is greater than that of other nations.
c. forgone output of other goods is higher than that of other nations.
d. forgone output of other goods is lower than that of other nations.
e. forgone output of other goods is equal to that of other nations.
d
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If a monopoly engages in rent seeking,
i. its average total cost curve is lower than otherwise. ii. it might or might not make an economic profit depending on how many other competitors also are rent seeking. iii. it necessarily incurs an economic loss. A) i only B) ii only C) iii only D) i and ii E) i and iii