When a firm experiences economies of scale, its ________ cost curve slopes ________ as output increases

For a nation to have ________ in producing a good it must have a lower opportunity cost of producing that good than the other country

A) a comparative advantage B) an autarky advantage C) an absolute advantage D) both a comparative advantage and an absolute advantage

Refer to the graph shown. The segment of the demand curve between the initial equilibrium price of $5.00 and the new equilibrium price of $3.00 is:

A. elastic. B. perfectly inelastic. C. inelastic. D. perfectly elastic.