A country with a lower relative cost of production of a particular good has a(n) _______ advantage and it is likely to _______ this good.
A) absolute; import
B) comparative; import
C) comparative; export
D) absolute; not export
Ans: C) comparative; export
Economics
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When there is a negative externality, the marginal private cost of production ________ the marginal social cost of production
A) eliminates B) is less than C) is equal to D) is greater than
Economics
When a supply curve is relatively flat,
a. sellers are not very responsive to changes in price. b. supply is relatively inelastic. c. supply is relatively elastic. d. Both a and b are correct.
Economics