The ability of one person or nation to produce a good at a lower absolute cost than another is called a(n)
A) comparative advantage. B) specialization advantage.
C) market advantage. D) absolute advantage.
D
Economics
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An increase in supply, with no change in demand, will lead to ______ _ in equilibrium quantity and ________ in equilibrium price.
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Economics
As the price of a Giffen good falls, the consumer will
A) purchase more units. B) purchase fewer units. C) not change the amount purchased. D) There is not enough information to answer this question.
Economics