Comparative advantage in producing something

Assignment Help Business Economics

Reference no: EM131090315

You have a comparative advantage in producing something when you;

a. have a higher opporunity cost than someone else.

b. have a special talent

c. have a lower opportunity cost than someone else.

d. have learned a useful skill.

e. have the same opportunity cost as someone else

Reference no: EM131090315

Questions Cloud

Designed to promote competition-improve market efficiency : In principle, the antitrust laws are designed to promote competition and improve market efficiency. Given the work by Williamson (1968) and Demsetz (1973), explain why these laws may promote static efficient but fail to promote dynamic efficiency.

Level of competitiveness-number of firms-type of pricing : Form a table, across the top level four columns with the four market model structures. Along the left column working down, label “Level of Competitiveness”, “Number of Firms”, “Type of Pricing”, “Amount of Product Differentiation”, and “Ease of Entry..

Regarding the sherman act : Regarding the Sherman Act: A. Section 1 makes collusion illegal. Is this socially desirable? Are there any conditions under which collusion can be socially desirable? Explain. B. Section 2 makes it illegal for a firm to attempt to monopolize a market..

Regarding advertising bans : Regarding Advertising Bans: Assume the government imposes an advertising ban on a monopoly firm. How will this affect the firm’s total cost of production? Would your answer be the same if the government imposed a ban on the firm’s use of labor? Expla..

Comparative advantage in producing something : You have a comparative advantage in producing something when you;

What is market power and what is an oligopoly : What is market power? What is an oligopoly? How are the two related? I have a summer home in western Michigan. If I want to have internet service, I can buy it from Comcast.....or not have it. Is this a monopoly? Are monopolies a good idea? Why? Why ..

Explain the concepts of explicit costs and implicit costs : Explain the concepts of explicit costs and implicit costs. Why do economists include implicit costs in their calculation of profits? If monopolistically competitive firms have some control over the prices they charge, why do they experience zero econ..

Illustrate the graph for a natural monopoly : Illustrate the graph for a natural monopoly. Where is price efficiency on the graph? Describe three consequences of price efficiency.

What is nonprice competition and concept of market power : What is nonprice competition? Why is there an emphasis on nonprice competition in oligopoly markets rather than on lowering prices to gain market share? Explain the concept of market power. Why does a monopolist have market power while a perfectly co..

User Account

All Pages