Refer to the table above. Spain has comparative advantage in
A) grapes.
B) textiles.
C) both grapes and textiles.
D) neither grapes nor textiles.
A
Economics
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If a revenue-maximizing firm is told that the price elasticity of demand is equal to one, it should:
a. raise prices 1 percent. b. lower prices 1 percent. c. raise prices until the elasticity becomes very high. d. keep the price where it is. e. lower prices until the elasticity becomes very high.
Economics
Which of the following would cause a firm's cost curve to shift downward?
a. a decrease in resource prices b. an increase in taxes c. an increase in demand for the firm's product d. a reduction in output
Economics