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

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 2QCMC

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Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40 pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has the absolute advantage in producingautos?WhatistheopportunitycostofproducingonepoundofbeefinBrazil?Whatistheopportunitycost of producing one pound of beef in the United States?
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