A person has an absolute advantage in producing a good if he can
a. produce it using fewer resources than another person
b. produce it while sacrificing less than another person in terms of foregone output
c. corner the market
d. use other peoples' money to produce it
e. work out some long term payment plan for financing the good
A
Economics
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Which of the following suggests that private markets can be effective in dealing with externalities?
a. the "invisible hand" b. the law of diminishing social returns c. the Coase theorem d. technology policy
Economics
Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price increases from $6 to $7?
A. -0.525 B. -1 C. -0.856 D. -1.166
Economics