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Author Question: Refer to Table 2-16. Finland has a comparative advantage in the production of A) neither product. ... (Read 51 times)

bucstennis@aim.com

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on: Jun 29, 2018
Refer to Table 2-16. Finland has a comparative advantage in the production of
 
  A) neither product. B) both products. C) lumber. D) cell phones.

Question 2

In perfect competition, what is the relationship between the demand for the firm's output and the market demand?
 
  What will be an ideal response?


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robbielu01

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The market demand curve for the goods and services in a perfectly competitive market is downward sloping. However, no single firm in this market can influence the price at which it sells its output. This point means a firm that is a price taker must take the equilibrium market price as given, and the firm faces a perfectly elastic demand.


bucstennis@aim.com

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Reply #2 on: Jun 29, 2018
Thank you :)


robbielu01

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Reply #3 on: Jun 29, 2018
Happy to help you


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