A person has a comparative advantage in an activity whenever he or she
A) has an absolute advantage in the activity.
B) can perform the activity at a lower opportunity cost than can anyone else.
C) can do the activity in less time than anyone else.
D) can do everything better than anyone else.
B
Economics
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Economists maintain that the price of a product has no effect on demand. How can this be true?
Economics
If a restaurant was a natural monopoly, its
A) marginal revenue curve would be horizontal. B) marginal revenue curve would be the same as its demand curve. C) marginal cost curve would still be declining when it crossed the demand curve. D) average total cost curve would still be declining when it crossed the demand curve.
Economics