Explain the difference between absolute advantage and comparative advantage
What will be an ideal response?
A person has an absolute advantage in the production of a good if he or she is more productive at producing the good. A person has a comparative advantage in the production of a good if he or she can produce it at the lowest opportunity cost.
Economics
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The graph shows the market for rental housing in Little Rock. The market for apartments is efficient when
A) the quantity of apartments demanded is 12,000 a month. B) the rent ceiling is set at $300 a month. C) there is no rent ceiling. D) the quantity of apartments supplied is 6,000 a month. E) the rent charged is less than $450.
Economics
Refer to above Table 2-1. What is the total amount of leakages?
A) 530 B) 1080 C) 970 D) 550
Economics