Perfect competition and monopolistic competition are similar because under both market structures,
a. there are zero economic profits in the long run.
b. production takes place at the least-cost combination.
c. there are few firms.
d. entry is difficult.
e. differentiated products are produced.
a
Economics
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A country that has an absolute advantage in producing all goods will ________
A) have a comparative advantage in some goods but not all B) produce all goods at lowest opportunity cost C) have a comparative advantage in all goods D) not gain from specialization and trade
Economics
Real GDP differs from nominal GDP in that nominal GDP measures
a. output adjusted for inflation. b. real output of goods and services. c. output of goods and services at current prices. d. real income adjusted for changes in the price level.
Economics