In a perfectly competitive market, producers efficiently use ...

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In a perfectly competitive market, producers efficiently use their scarce resources to produce what consumers want and as a result they achieve:
 a. productive efficiency.
 b. allocative efficiency.
 c. economic efficiency.
 d. constant returns of scale.

Question 2

Differences in the productivity of labor accounts for comparative advantage if:
 a. the minimum wage varies across countries.
  b. the size of the domestic market varies across countries.
  c. the labor hours required to produce each good varies across countries
  d. the strength of workforce varies across countries.
  e. the laborers are paid different wages in different countries.

[tsternbergh47]

Answer to Question 1

b

Answer to Question 2

c