Many argue that the "soft power" of the U.S. has been reduced, referring to its

A producer is said to have an absolute advantage in the production of a good when:

A) the producer can produce more units of the good per hour than another producer. B) the producer has a lower opportunity cost than another producer. C) the producer has a higher opportunity cost than another producer. D) the producer can sell the good at a higher price than another producer.

The profit-maximizing combination of resources in a perfectly competitive situation occurs at the point at which

A) MRP of labor = price of labor (wage rate). B) MRP of land = price of land (rental rate per unit). C) MRP of capital = price of capital (cost per unit of service). D) All of the above are correct.