In international trade the concept of 'relative opportunity cost' ...

[WhattoUnderstand]

In international trade the concept of 'relative opportunity cost' refers to
 A) absolute advantage.
  B) comparative advantage.
  C) technical costs.
  D) institutional advantage.

Question 2

Which of the following statements characterize an oligopoly market?
 a. Oligopoly firms are guaranteed profits due to the lack of competition.
 b. Firms are aware that their own economic behavior will influence the decisions of rivals.
  c. There are few barriers to entry.
 d. Firms choose price and output independently from the decisions made by competitors.

[zoeyesther]

Answer to Question 1

B

Answer to Question 2

b

[WhattoUnderstand]

Thanks for the timely response, appreciate it

[jomama]

YES! Correct, THANKS for helping me on my review