As compared to monopoly, a perfectly competitive market typically produces a(n) ______ quantity at a(n) _______ price.

The productivity curve shifts upward when

A) technology advances. B) physical capital increases. C) hours of labor increase. D) hours of labor decrease. E) human capital decreases.

Which of the following is TRUE about comparative advantage?

A) Comparative advantage explains trade among nations, but not within nations. B) Comparative advantage explains trade within nations, but not among nations. C) Comparative advantage explains trade within nations and among nations. D) Comparative advantage has nothing to do with trade among nations; it only is concerned with specialization within a firm.