Suppose that when the price of good X changes, the quantity of good Y demanded remains the same. The cross price elasticity of demand is

In the absence of trade, a nation is in equilibrium where an indifference curve:

a. lies above its production possibilities frontier. b. is tangent to its production possibilities frontier. c. intersects its production possibilities frontier. d. lies below its production possibilities frontier

"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion correct or incorrect? Explain your answer

What will be an ideal response?