Answer to Question 1
Countries that do not have an absolute advantage in the production of a good can also benefit from trade. Even if a country cannot produce more of a good compared to other countries, it can still gain from the trade of that good as long as it has a comparative advantage in production. Comparative advantage is the ability of an individual, firm, or country to produce a certain good at a lower opportunity cost than other competing producers. So long as opportunity costs are not the same across countries, one country will always have a comparative advantage in producing some goods and the other country other goods.
Answer to Question 2
Long-run competitive equilibrium exists in an industry when price is equal to short-run marginal cost, short-run average cost, and long-run average cost. This implies that firms are earning zero profits.
TrUe....FaLsE
“Bad,” “neutral,” and “good” mutations.
Rank-order correlations show that differential consistency remains high from childhood through late ...
Sequential blending uses a computer to calculate the correct ratio as well as the prescribed order ...
Nuts are also a good source of dietary fibre
Satellite data showing net primary production. Productivity is coded as red (highest) down through o