The law of comparative advantage indicates that if a group of individuals wants to maximize their joint output, then each good should be supplied by
A) the person with the most advanced technical knowledge.
B) the person that can accomplish the task most rapidly.
C) the person with the lowest wage rate.
D) the low opportunity cost producer.
D) the low opportunity cost producer.
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How does the use of money differ from the use of barter in the exchange of goods and services?
Please provide the best answer for the statement.
An increase in the price of Heinz ketchup is likely to cause:
A. an increase in the demand for Hunt's ketchup, due to a change in preferences. B. an increase in the demand for Hunt's ketchup, due to a change in the price of a substitute good. C. a decrease in the demand for Hunt's ketchup, due to a change in preferences. D. an increase in the demand for Hunt's ketchup, due to a change in the price of a complementary good.