question archive The following are proper descriptions about the concepts of absolute and comparative advantage, EXCEPT:Absolute advantage implies being able to produce the same amount of a product with less economic resources than others
The following are proper descriptions about the concepts of absolute and comparative advantage, EXCEPT:Absolute advantage implies being able to produce the same amount of a product with less economic resources than others
Subject:EconomicsPrice: Bought3
The following are proper descriptions about the concepts of absolute and comparative advantage, EXCEPT:Absolute advantage implies being able to produce the same amount of a product with less economic resources than others.Comparative Advantage means to be able to produce a product with a lower opportunity cost than others.Gains from trade are generated from specialization and trade based in Absolute Advantage. Absolute advantage does not imply comparative advantage.The following are proper descriptions about the Demand Curve for certain good X, EXCEPT:Question options:Is reflects the price the consumer is required to pay per unit consumed.It reflects the maximum price the consumer is able and willing to pay for each extra unit consumed.It is expected to have a negative slope.At any point on the demand, the marginal cost of consumption equals the marginal benefit of consumption for any given price.
