11. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. Price B Demand Quantity a. The clastic section of the graph is represented by section from b. The inclastic section of the graph is represented by section from c. The unit elastic section of the graph is represented by section . d. The portion of the graph in which a decrease in price would cause total revenue to fall would be from c. The portion of the graph in which a decrease in price would cause total revenue to rise would be from f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be g. The section of the graph in which total revenue would be at a maximum would be h. The section of the graph in which elasticity is greater than 1 is i. The section of the graph in which elasticity is equal to 1 is, j. The section of the graph in which elasticity is less than 1 is

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.