Beginning in the early 1990s, private landowners in Zimbabwe have started fencing in large areas of land that contain black rhinos, which were on the verge of extinction. These private owners charge fees for a stay at the lodges on the property (eco-tourism) and also sell hunting safaris and photo safaris. As a result...

If the demand and supply curves for a commodity shift to the right and the shift in demand is greater than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:

A) a lower price and quantity. B) a higher price and quantity. C) the same price and quantity. D) a higher price and a lower quantity.

_____________ advantage can be the result of a country’s natural endowment.

a. Absolute b. Real c. Focused d. Micro