To obtain the gains available from comparative advantage, individuals or countries must do more than specialize; they must also

A product that must be actually consumed before the quality of the product can be determined is a(n)

A) search good. B) consumable good. C) consumption good. D) experience good.

If the market for bottled spring water is characterized by a very elastic supply curve and a very inelastic demand curve, an outward shift in the supply curve would be reflected primarily in the form of:

a. higher prices. b. higher output. c. lower prices. d. lower output.