Select the phrase that correctly completes the following statement. "A decrease in the expected future price caused an increase in the supply of smartphones. As a result
A) the equilibrium quantity of smartphones decreased."
B) the price of smartphones decreased and the quantity of smartphones demanded increased."
C) the price of smartphones decreased and the demand for smartphones increased."
D) the price of smartphones decreased. The lower price caused the supply of smartphones to decrease."
B
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Mary takes 4 minutes to make a sandwich and 6 minutes to mix a cocktail. Her sister Ash takes 4 minutes to make a sandwich and 4 minutes to mix a cocktail. Calculate each sister's opportunity cost
Which of the two sisters has an absolute advantage in making sandwiches? In mixing cocktails? Which of the two has a comparative advantage in making sandwiches? In mixing cocktails?
Explain why resources are used efficiently in a competitive market
What will be an ideal response?