According to the Law of Supply and Demand, the ______ of price, ______ in domestic demand, and decrease in domestic supply of jeans through international trade also contributes to a total welfare _______ in the domestic marketplace.
a. reduction, reduction, reduction
b. reduction, reduction, increase
c. reduction, increase, increase
d. increase, increase, increase
Question 2
Which of the following is true about Michael Porter's competitive advantage theory?
a. The theory assures that a nation's competitive advantage is mostly inherited. Therefore, countries in Africa would never be able to be a productive member of global society.
b. It also emphasizes that once a company or country achieve competitive advantages, innovation is rarely necessary to sustain it.
c. Out of the four important attributes for competitive advantages, a nation needs only one of them to achieve and sustain competitive advantages.
d. Sometimes, a country can achieve and sustain competitive advantages by pure chance.
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