Explain supply-and-demand diagram

Reference no: EM13176424

1. Are the following statements true or false? Explain in each case.

a. "Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods."

b. "Certain very talented people have a comparative in everything they do."

c. "If a certain trade is good for one person, it can't be good for the other one"

d. "If a certain trade is good for one person, it is always good for the other one."

e. "If trade is good for a country, it must be good for everyone in the country."

2. Explain each of the following statements using supply-and-demand diagrams.

a. "When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country."

b. (When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets."

c. "When a war breaks out in the Middle East, the price of gasoline rises, and the price of used Cadillac falls."

Reference no: EM13176424

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