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.
A passenger train crosses Stony Creek Bridge in the Rocky Mountains in 1878. Railroads were importan
Canada's Major Fertilizer Producers and their Products
How to use the discriminant to determine the value of k in a quadratic with one real root
An old set of christmas tree lights have 30 lights, 20.6~ each in a series alignment. Determine ...
Nitin earns $48,000 per year. Determine his gross earnings for each pay period if he is paid ...
Determine m, n, and i for money invested at 3.6% compounded semi-annually for 3.5 ...