Answer to Question 1
Whether a nation has a comparative advantage in the production of a particular good or service can be determined by comparing the price the good or service sells for domestically to the world price of the same good or service. If the domestic price is less than the world, the nation has a comparative advantage in the production of that good or service. If the domestic price exceeds the world price, the nation does not have a comparative advantage in the production of that good or service.
Answer to Question 2
Three conditions characterize the sellers' side in a perfectly competitive market. These are:
a) A large number of sellers participate in the market and no single seller has a large market share.
b) All sellers in the market produce identical goods.
c) There is free entry and exit of sellers in the market.
Using Parallax to Determine Distance
The 2012 U.S. elections were some of the angriest the nation had seen. The count
During the Pullman strike in Chicago, workers protesting wage cuts did $340,000 in property damage,
Flowchart to determine if a species is autotroph, heterotroph, or a subtype
On some engines, it is necessary to watch the direction the rotor is pointing to help determine how ...
How to determine if a function is even or odd