Looking ahead to how the shopkeeper is more likely to respond what price should the customer more likely to quote?
a. High price
b. Low price
c. Let the shopkeeper quote the price
d. A compromised price between the high and the low
b
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The marginal cost curve intersects the average total cost curve at the firm's most efficient point of production
a. True b. False Indicate whether the statement is true or false
In the real world, we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. One reasons for this is
A) comparative advantage works better in theory than in practice. B) because some countries also have an absolute advantage in the production of those goods. C) tastes for many traded goods are similar in many countries because of globalization. D) production of most goods involves increasing opportunity costs.