If the opportunity cost of producing wheat in Canada is four buffalo and the opportunity cost of producing wheat in the U.S. is two buffalo then we know that
a. Canada has both a comparative advantage and absolute advantage producing wheat
b. Canada has a comparative advantage producing wheat
c. the U.S. has an absolute advantage producing wheat
d. the U.S. has both a comparative advantage and absolute advantage producing wheat
e. the U.S. has a comparative advantage producing wheat
E
Economics
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When there are few substitutes available for a good, demand tends to be relatively inelastic
Indicate whether the statement is true or false
Economics
Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite
A. demand is perfectly elastic. B. demand is unit elastic. C. demand is elastic. D. demand is inelastic.
Economics