Author Question: In international trade the concept of 'relative opportunity cost' refers to A) absolute advantage. ... (Read 43 times)

WhattoUnderstand · **on:** Jun 30, 2018

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.