In perfect competition, all buyers and sellers :Select one:Oa. None of the aboveO b. Take the market price as a given or constant entityO c. Have market power in varying degreesd. Engage in active non-price competitione. Lack the ability to change quantity demanded or produced I can catch 12 kg fish or produce 6 bottles of wine in a week. My neighbour can catch 4 kg of fish orproduce 4 bottles of wine in a week. Who has a comparative advantage in wine? Who shouldspecialize in wine if we coordinate our economic activities?My neighbour has a comparative in fish, so he should specialize in fish.My neighbour has a comparative in fish, so he should specialize in wine.My neighbour has a comparative in wine, so I should specialize wine.My neighbour has a comparative in wine, so he should specialize in wine.09

As the two questions are different answer is provided to the first question. "Perfect competitive…

In perfect competition, all buyers and sellers : Select one: a. None of the above O b. Take the market price as a given or constant entity O c. Have market power in varying degrees d. Engage in active non-price competition e. Lack the ability to change quantity demanded or produced

In perfect competition, all buyers and sellers : Select one: a. None of the above O b. Take the market price as a given or constant entity O c. Have market power in varying degrees d. Engage in active non-price competition e. Lack the ability to change quantity demanded or produced

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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